Nippon Sanso Holdings Corporation (JP:4091)
:4091
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Nippon Sanso Holdings Corporation
(4091)
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Rating:64Neutral
Price Target:
¥6,819.00
▲(46.08% Upside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by improving fundamentals—strong multi-year growth and rising margins, alongside a better leverage trend. Offsetting this are only moderate/variable cash conversion and mixed technical momentum signals, with valuation appearing fair but not notably cheap and a low dividend yield.
Positive Factors
Recurring On-site Contracts
On-site supply contracts create recurring, multi-year revenue and tie the company to customers via installed equipment and operations. This builds sticky cash flows, predictable demand, and high switching costs, supporting long-term revenue visibility and capex payback.
Negative Factors
High Absolute Debt
Nominal debt of roughly ¥0.88–0.95tn keeps interest obligations and refinancing needs significant. High absolute debt constrains balance-sheet flexibility for large investments or cyclical downturns and requires sustained cash generation to maintain the improving leverage trend.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring On-site Contracts
On-site supply contracts create recurring, multi-year revenue and tie the company to customers via installed equipment and operations. This builds sticky cash flows, predictable demand, and high switching costs, supporting long-term revenue visibility and capex payback.
Read all positive factors
Nippon Sanso Holdings Corporation (4091) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.68T
Dividend Yield1.11%
Average Volume (3M)557.70K
Price to Earnings (P/E)20.9
Beta (1Y)0.74
Revenue Growth3.94%
EPS Growth25.43%
CountryJP
Employees19,533
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)286.22
Shares Outstanding433,092,830
10 Day Avg. Volume573,680
30 Day Avg. Volume557,703
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)1.97
Price to Sales (P/S)1.76
P/FCF Ratio14.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)311.33
Revenue Forecast (FY)¥1.42T
Nippon Sanso Holdings Corporation Business Overview & Revenue Model
Company Description
Nippon Sanso Holdings Corporation engages in the gas business in Japan, the United States, Europe, Asia, and Oceania. It operates through five segments: Gas Business in Japan; Gas Business in the United States; Gas Business in Europe; Gas Business...
How the Company Makes Money
The company primarily makes money by producing and selling industrial and medical gases and by providing associated supply-chain and engineering services. Key revenue streams include: (1) On-site gas supply contracts: it installs and operates gas ...
Nippon Sanso Holdings Corporation Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented solid operational and financial progress: mid-single digit revenue growth, stronger core operating income and margin expansion, significant operating cash flow improvement, strategic M&A to expand regional footprints, and successful refinancing that reduces interest costs. Offsets include volume softness in parts of the business, regionally mixed profitability (Asia & Oceania pressures), a substantial increase in investing outflows and a meaningful free cash flow decline, plus project execution and leverage implications from acquisitions and suspended projects. On balance the positive execution on pricing, productivity, margin expansion, backlog size, and strategic deals outweigh the near-term cash/volume challenges.Positive Updates
Consolidated Revenue Growth
Q3 revenue increased 3.8% year-over-year (Oct–Dec 2024). Excluding favorable currency, revenue rose ~1.2%. Management maintained full-year sales guidance at ¥1.3 trillion.
Negative Updates
Volume Softness and Product Weaknesses
Overall volume impact was negative 1.4% in Q3. Specific product challenges include softness in packaged gases (dry ice, hard goods), semiconductor-related gases in some regions, and weak helium demand in Europe.
Read all updates
Q3-2025 Updates
Positive
Negative
Consolidated Revenue Growth
Q3 revenue increased 3.8% year-over-year (Oct–Dec 2024). Excluding favorable currency, revenue rose ~1.2%. Management maintained full-year sales guidance at ¥1.3 trillion.
Read all positive updates
Company Guidance
The company kept full-year sales guidance unchanged at ¥1.3 trillion while raising core operating income (COI) by ¥8.0 billion (up 4.5%) to ¥185.0 billion and nudging operating income up ¥1.0 billion to ¥178.0 billion; pre-tax income is projected at ¥156.5 billion and net income at ¥110.0 billion (¥107.0 billion attributable to the parent). Q3 trends that underpin the guidance included revenue +3.8% (ex-currency ~+1.2%), COI +7.5% (ex-currency +4.5%), COI margin +50 bps to 14.1% and EBITDA margin +50 bps to 23%; the Q3 consolidated variance breakdown was currency +2.6%, price +2.0%, volume -1.4%, pass-through +0.4% and other +0.2%. Management assumes USD/JPY ¥152.45 and EUR/JPY ¥165.83 for Q4, and notes currency sensitivity of ~¥2.4 billion revenue / ¥350 million COI per ¥1 vs USD and ~¥1.9 billion revenue / ¥350 million COI per ¥1 vs EUR. Key cash and investment metrics cited were backlog ≈¥170 billion (projects ≥¥500 million), operating cash flow up ~19% year-to-date (~¥24 billion), free cash flow down ~31% YTD due to higher CapEx and M&A, and refinancing of ¥75 billion hybrid debt in Q3 (¥175 billion refinanced in ~1 year) saving roughly 90 basis points in annual effective interest expense.Nippon Sanso Holdings Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.36T | 1.31T | 1.26T | 1.19T | 957.17B |
| Gross Profit | 582.42B | 545.44B | 510.98B | 438.63B | 358.57B |
| EBITDA | 323.98B | 299.60B | 284.39B | 224.16B | 191.77B |
| Net Income | 123.89B | 98.78B | 105.90B | 73.08B | 64.10B |
Balance Sheet | |||||
| Total Assets | 2.77T | 2.42T | 2.41T | 2.16T | 1.98T |
| Cash, Cash Equivalents and Short-Term Investments | 165.35B | 144.53B | 126.10B | 132.22B | 93.70B |
| Total Debt | 882.06B | 902.65B | 936.92B | 941.78B | 929.22B |
| Total Liabilities | 1.51T | 1.40T | 1.46T | 1.40T | 1.32T |
| Stockholders Equity | 1.22T | 980.45B | 914.48B | 724.31B | 628.71B |
Cash Flow | |||||
| Free Cash Flow | 163.44B | 88.32B | 97.63B | 96.13B | 74.28B |
| Operating Cash Flow | 272.59B | 235.15B | 215.98B | 187.96B | 148.76B |
| Investing Cash Flow | -202.78B | -142.93B | -124.65B | -98.07B | -70.86B |
| Financing Cash Flow | -59.23B | -73.29B | -110.07B | -54.43B | -77.95B |
Nippon Sanso Holdings Corporation Technical Analysis
Positive
4668.00
Price Trends
5903.49
Positive
5557.01
Positive
5338.16
Positive
Market Momentum
129.03
Negative
55.84
Neutral
66.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4091, the sentiment is Positive. The current price of 4668 is below the 20-day moving average (MA) of 5975.45, below the 50-day MA of 5903.49, and below the 200-day MA of 5338.16, indicating a bullish trend. The MACD of 129.03 indicates Negative momentum. The RSI at 55.84 is Neutral, neither overbought nor oversold. The STOCH value of 66.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4091.
Nippon Sanso Holdings Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ¥15.31T | 30.49 | 11.19% | 2.17% | 0.50% | -6.23% | |
69 Neutral | ¥60.78B | 12.65 | ― | 2.88% | -0.31% | -2.59% | |
66 Neutral | ¥2.43T | 15.10 | 8.29% | 2.89% | 1.22% | 19.36% | |
64 Neutral | ¥2.68T | 20.86 | ― | 1.11% | 3.94% | 25.43% | |
63 Neutral | ¥13.95B | 10.41 | ― | 3.89% | -0.65% | -0.09% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ¥3.39T | 93.80 | 4.42% | 1.00% | -3.97% | -4.31% |
* Basic Materials Sector Average
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Nippon Sanso Holdings Corporation Corporate Events
Nippon Sanso Weighs Cutting Investment Unit to Boost Liquidity
May 26, 2026
Nippon Sanso Holdings Corporation has outlined its stance on potentially reducing the minimum investment unit for its shares, describing the move as an effective way to improve stock liquidity and attract a wider base of investors. The company sai...
Nippon Sanso to Launch Performance-Linked Stock Incentive Plan for Executives
May 13, 2026
Nippon Sanso Holdings plans to introduce a new performance-linked, stock-based remuneration plan for internal directors and executive officers, subject to approval at its June 17, 2026 shareholders’ meeting. The scheme, structured as a Board...
Nippon Sanso Holdings to Record ¥12.3 Billion Dividend Income from Subsidiary
May 13, 2026
Nippon Sanso Holdings Corporation has announced it will receive a dividend of 77 million U.S. dollars, approximately 12.35 billion yen, from its consolidated subsidiary Nippon Sanso Matheson, Inc. The dividend was approved on May 11, 2026, with th...
Nippon Sanso Books ¥8.7 Billion Subsidiary Share Impairment With No Consolidated Impact
May 11, 2026
Nippon Sanso Holdings Corporation has recognized a significant impairment on the shares of its subsidiary Nippon Sanso Ingasco, Inc. in its non-consolidated accounts for the fiscal year ended March 31, 2026. After determining that the fair value o...
Nippon Sanso Holdings Raises Year-End Dividend, Signals Confidence in Earnings
May 11, 2026
Nippon Sanso Holdings will lift its year-end dividend to 33 yen per share for the fiscal year ended March 31, 2026, up from 27 yen a year earlier, with a total payout of 14,286 million yen subject to shareholder approval on June 17. The move raise...
Nippon Sanso lifts profit and dividend as industrial gas demand drives growth
May 11, 2026
Nippon Sanso Holdings reported fiscal 2026 revenue of ¥1.36 trillion, up 3.9% year on year, with core operating income rising 7.4% and net income attributable to owners of the parent jumping 25.4% to ¥123.9 billion. Profitability indicat...
Nippon Sanso Elevates Spanish Homecare Unit to Specified Subsidiary After Acquisition
Apr 30, 2026
Nippon Sanso Holdings has acquired Esteve Teijin Healthcare, S.L., a Spanish home healthcare services provider, via its local unit Oximesa S.L.U., and renamed the business Nippon Sanso Homecare España, S.L.U. Following a review of past capita...
Nippon Sanso to Sell Current Head Office Site Ahead of Relocation
Apr 28, 2026
Nippon Sanso Holdings has approved the transfer of land currently used as its head office in Shinagawa, Tokyo, as part of its previously announced relocation to the redeveloped World Trade Center Building Main Tower. The 5,150.95 square meter site...
Nippon Sanso Holdings Names Watanabe President CEO to Drive Next Growth Phase
Apr 27, 2026
Nippon Sanso Holdings Corporation, a major Japanese industrial gas group listed on the TSE Prime Market, serves manufacturing and electronics customers with gases and related technologies. The company is advancing its medium-term plan, “Next...
Nippon Sanso Launches “Next Innovation 2030” Growth Plan
Mar 30, 2026
Nippon Sanso Holdings has unveiled a new medium-term management plan, “Next Innovation 2030 – Evolving for the Future,” covering the fiscal years ending March 2027 to March 2030, following the completion of its prior plan that ex...
Nippon Sanso Unveils “Next Innovation 2030” Growth Plan Focused on Gases, Electronics and Innovation
Mar 24, 2026
Nippon Sanso Holdings has unveiled a four-year medium-term management plan, “Next Innovation 2030 ~Evolving for the Future~,” running through the fiscal year ending March 2030. Building on its prior plan, which exceeded initial targets...
Nippon Sanso Books ¥22 Billion Dividend from Thermos Unit with No Consolidated Impact
Mar 19, 2026
Nippon Sanso Holdings will receive a ¥22 billion dividend from its consolidated subsidiary Thermos K.K., following a board resolution at the subsidiary on March 19, 2026. The dividend underscores Thermos’s contribution to the group and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.