Cash flow Nippon Express Holdings, Inc.

Equities

9147

JP3688370000

Air Freight & Logistics

Delayed Japan Exchange Other stock markets 06:05:20 21/05/2026 BST			5-day change	1st Jan Change
4,904.00 ^JPY	+1.78%		+6.71%	+46.11%

05-20	Elliott Investment Management L.P. Provide Information to Nippon Express Holdings, Inc.	CI
05-20	Elliott says Nippon Express is deeply undervalued relative to its peers	RE

87d6.40-zevAUytxSv7mIYEmXoP7x3BQ8HakNuZnRoRDgCjQ.gBX_PaNFp_Fq9dzmEibhl7WkhU0MevFKidS7xXuEfFyNdoAUh1WGkybsiQ

Published financial data: NIPPON EXPRESS HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	2,079B	2,619B	2,239B	2,578B	2,575B
Total Revenues	2,079B	2,619B	2,239B	2,578B	2,575B
Cost of Goods Sold, Total	1,886B	2,343B	2,011B	2,356B	2,334B
Gross Profit	193B	276B	228B	222B	241B
Selling General & Admin Expenses, Total	105B	114B	121B	132B	146B
Provision for Bad Debts	668M	481M	685M	1.1B	649M
Depreciation & Amortization - (IS)	9.31B	15.67B	16.61B	17.81B	19.5B
Other Operating Expenses	-	7.59B	15.04B	10.17B	20.98B
Other Operating Expenses, Total	115B	137B	154B	161B	187B
Operating Income	78.1B	138B	73.76B	60.81B	53.76B
Interest Expense, Total	-2.88B	-1.76B	-4.18B	-7.66B	-11.84B
Interest And Investment Income	3.36B	3.67B	6B	6.91B	6.09B
Net Interest Expenses	485M	1.91B	1.82B	-755M	-5.75B
Income (Loss) On Equity Invest.	-38M	385M	1.79B	2.1B	-867M
Currency Exchange Gains (Loss)	-200M	4.61B	909M	3.77B	-1.77B
Other Non Operating Income (Expenses)	2.8B	-1.86B	-1.62B	-211M	-2.2B
EBT, Excl. Unusual Items	81.14B	143B	76.65B	65.71B	43.18B
Gain (Loss) On Sale Of Investments	15.21B	-	-	-	-
Gain (Loss) On Sale Of Assets	-1.49B	56.15B	-7.18B	-4.08B	67.26B
Asset Writedown	-12.84B	-39.41B	-8.27B	-9.75B	-68.68B
Other Unusual Items	2.79B	-	-	-	-
EBT, Incl. Unusual Items	84.82B	160B	61.21B	51.88B	41.77B
Income Tax Expense	27.02B	48.59B	26.1B	18.88B	37.59B
Earnings From Continuing Operations	57.8B	112B	35.11B	33B	4.17B
Net Income to Company	57.8B	112B	35.11B	33B	4.17B
Minority Interest	-1.7B	-3.25B	1.94B	-1.27B	-1.48B
Net Income - (IS)	56.1B	108B	37.05B	31.73B	2.69B
Net Income to Common Incl Extra Items	56.1B	108B	37.05B	31.73B	2.69B
Net Income to Common Excl. Extra Items	56.1B	108B	37.05B	31.73B	2.69B
Per Share Items
Net EPS - Basic	201.6	400.78	139.53	121.47	10.79
Basic EPS - Continuing Operations	201.6	400.78	139.53	121.47	10.79
Basic Weighted Average Shares Outstanding	278M	270M	266M	261M	250M
Net EPS - Diluted	201.6	400.78	139.53	121.47	10.79
Diluted EPS - Continuing Operations	201.6	400.78	139.53	121.47	10.79
Diluted Weighted Average Shares Outstanding	278M	270M	266M	261M	250M
Normalized Basic EPS	176.14	319.62	187.71	152.36	102.18
Normalized Diluted EPS	176.14	319.62	187.71	152.36	102.18
Dividend Per Share	-	83.33	100	100	100
Payout Ratio	25.67	33.41	71.96	82.56	984.74
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	142B	280B	226B	244B	246B
EBITA	78.93B	138B	73.76B	60.81B	53.76B
EBIT	78.1B	138B	73.76B	60.81B	53.76B
EBITDAR	-	284B	233B	251B	254B
Effective Tax Rate - (Ratio)	31.86	30.34	42.63	36.4	90.01
Normalized Net Income	49.02B	86.38B	49.84B	39.8B	25.51B
Non-Cash Pension Expense	7.86B	7.57B	7.88B	8.98B	10.31B
Supplemental Operating Expense Items
Advertising Expense	3.39B	4.66B	4.79B	4.96B	4.93B
Selling and Marketing Expenses	3.39B	4.66B	4.79B	4.96B	4.93B
Net Rental Expense, Total	-	4.01B	6.62B	6.83B	8.76B
Imputed Operating Lease Interest Expense	-	-	324M	547M	991M
Imputed Operating Lease Depreciation	-	-	6.29B	6.28B	7.77B

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	218B	277B	315B	251B	283B
Total Cash And Short Term Investments	218B	277B	315B	251B	283B
Accounts Receivable, Total	370B	498B	424B	520B	559B
Other Receivables	-	468M	20.77B	851M	3.61B
Notes Receivable	138B	-	-	-	-
Total Receivables	508B	498B	445B	521B	562B
Inventory	8.3B	15.38B	10.68B	12.65B	12.92B
Prepaid Expenses	14.23B	-	-	-	-
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	23.38B	118B	126B	150B	175B
Total Current Assets	772B	908B	896B	935B	1,033B
Net Property Plant And Equipment	608B	841B	890B	937B	964B
Long-term Investments	143B	237B	231B	225B	225B
Goodwill	4.59B	2.22B	13.48B	89.11B	64B
Other Intangibles, Total	78.12B	58.39B	60.08B	97.1B	116B
Loans Receivable Long-Term	391M	-	-	-	-
Deferred Tax Assets Long-Term	26.01B	29.11B	16.43B	13.88B	12.52B
Other Long-Term Assets, Total	1M	4M	6M	5M	4M
Total Assets	1,632B	2,075B	2,107B	2,297B	2,415B
Liabilities
Accounts Payable, Total	181B	257B	214B	268B	293B
Accrued Expenses, Total	52.51B	-	-	-	-
Short-term Borrowings	37.92B	11.45B	51.02B	67.57B	9.77B
Current Portion of Long-Term Debt	-	83.01B	10.76B	68.67B	49.74B
Current Portion of Leases	-	84.87B	112B	121B	133B
Current Income Taxes Payable	78.32B	29.72B	7.63B	19.8B	34.01B
Other Current Liabilities	165B	230B	196B	213B	238B
Total Current Liabilities	515B	696B	591B	758B	758B
Long-Term Debt	334B	171B	256B	190B	318B
Long-Term Leases	28.54B	282B	305B	349B	368B
Pension & Other Post Retirement Benefits	121B	106B	93.86B	68.1B	50.71B
Deferred Tax Liability Non Current	2.16B	6.86B	6B	11.82B	20.34B
Other Non Current Liabilities	30.03B	35.28B	37.48B	47.37B	50.92B
Total Liabilities	1,031B	1,296B	1,289B	1,424B	1,566B
Common Stock, Total	70.18B	70.18B	70.18B	70.18B	70.18B
Additional Paid In Capital	22.61B	22.93B	23.27B	-	-
Retained Earnings	503B	598B	635B	669B	617B
Treasury Stock	-28.27B	-10.6B	-20.54B	-2.94B	-1.2B
Comprehensive Income and Other	14.82B	75.59B	92.63B	117B	143B
Total Common Equity	583B	757B	800B	854B	829B
Minority Interest	18.19B	22.64B	17.74B	19.1B	19.58B
Total Equity	601B	779B	818B	873B	849B
Total Liabilities And Equity	1,632B	2,075B	2,107B	2,297B	2,415B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	275M	267M	264M	260M	242M
ECS Total Common Shares Outstanding	-	267M	264M	260M	242M
Book Value / Share	2.12K	2.83K	3.03K	3.29K	3.42K
Tangible Book Value	500B	696B	727B	668B	650B
Tangible Book Value Per Share	1.82K	2.6K	2.75K	2.57K	2.68K
Total Debt	400B	632B	734B	796B	879B
Net Debt	182B	355B	419B	545B	595B
Debt Equivalent of Unfunded Proj. Benefit Obligation	120B	103B	89.16B	60.78B	39.72B
Debt Equivalent Oper. Leases	-	32.09B	52.94B	54.61B	70.1B
Minority Interest, Total (Incl. Fin. Div)	18.19B	22.64B	17.74B	19.1B	19.58B
Equity Method Investments, Total	-	40.64B	42.18B	41.42B	45.21B
Inventories - Raw Materials, Total	2.39B	9.32B	6.69B	8.02B	8.54B
Inventories - Work In Process, Total	532M	1.05B	730M	826M	1.01B
Inventories - Finished Goods, Total	5.37B	5.01B	3.26B	3.8B	3.36B
Inventories - Others	-	1M	1M	1M	1M
Full Time Employees	72.37K	73.48K	74.44K	76.39K	77.92K
Accumulated Allowance for Doubtful Accounts (Supple)	1.37B	3.32B	3.64B	5.75B	5.18B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	84.82B	160B	61.21B	51.88B	41.77B
Depreciation & Amortization - CF	62.76B	141B	153B	183B	192B
Amortization of Goodwill and Intangible Assets - (CF)	833M	-	-	-	-
Depreciation & Amortization, Total	63.59B	141B	153B	183B	192B
(Gain) Loss From Sale Of Asset	9.56B	-16.78B	15.33B	14.14B	931M
(Gain) Loss on Sale of Investments - (CF)	-15.1B	-1.32B	-36M	329M	413M
(Income) Loss On Equity Investments - (CF)	38M	-385M	-1.79B	-2.1B	867M
Other Operating Activities, Total	-29.64B	-37.1B	-63.35B	4.38B	-32.62B
Change In Accounts Receivable	-43.49B	10.15B	110B	-37.18B	6.26B
Change In Inventories	782M	-558M	4.75B	-1.88B	1.74B
Change In Accounts Payable	34.85B	26.6B	-84.56B	30.28B	19.71B
Change in Other Net Operating Assets	41.2B	12.97B	-8.57B	-15.42B	-22.22B
Cash from Operations	147B	295B	186B	228B	209B
Capital Expenditure	-127B	-44B	-52.71B	-57.68B	-68.21B
Sale of Property, Plant, and Equipment	50.56B	68.99B	12.37B	13.74B	105B
Cash Acquisitions	-7.76B	-	-15.4B	-104B	-40.73B
Divestitures	14.63B	-	-	-	-
Sale (Purchase) of Intangible assets	-	-15.34B	-14.73B	-15.32B	-14.93B
Investment in Marketable and Equity Securities, Total	11.41B	1.89B	18.55B	25.92B	7.83B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	24M	199M	318M	490M
Other Investing Activities, Total	9B	-7.55B	-7.57B	-3.72B	7.52B
Cash from Investing	-49.32B	4.02B	-59.3B	-141B	-3.21B
Short Term Debt Issued, Total	-	99.95B	110B	57.76B	59.73B
Long-Term Debt Issued, Total	61.48B	-	146B	-	176B
Total Debt Issued	61.48B	99.95B	256B	57.76B	236B
Short Term Debt Repaid, Total	-4.64B	-110B	-71.8B	-41.42B	-121B
Long-Term Debt Repaid, Total	-70.38B	-28.4B	-134B	-10.76B	-70.88B
Total Debt Repaid	-75.02B	-139B	-205B	-52.18B	-191B
Repurchase of Common Stock	-10.03B	-10.02B	-10.02B	-10.72B	-50.02B
Common Dividends Paid	-14.4B	-36.19B	-26.66B	-26.2B	-26.52B
Common & Preferred Stock Dividends Paid	-14.4B	-36.19B	-26.66B	-26.2B	-26.52B
Other Financing Activities, Total	14.38B	-78.3B	-114B	-133B	-142B
Cash from Financing	-23.6B	-163B	-100B	-164B	-174B
Foreign Exchange Rate Adjustments	-1.49B	6.81B	12.13B	13.26B	5.37B
Miscellaneous Cash Flow Adjustments	-1M	-	-	-	-4.82B
Net Change in Cash	72.19B	143B	38.4B	-63.74B	32.05B
Supplemental Items
Cash Interest Paid	2.79B	4.6B	5.43B	8.77B	12.7B
Cash Income Tax Paid (Refund)	29.89B	37.16B	63.44B	-3.34B	33.68B
Levered Free Cash Flow	39.82B	-	79.72B	124B	133B
Unlevered Free Cash Flow	41.62B	-	82.33B	129B	140B
Change In Net Working Capital	-56.37B	-	48.88B	19.21B	2.17B
Net Debt Issued / Repaid	-13.55B	-38.77B	50.58B	5.58B	44.63B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.1	-	2.2	1.73	1.43
Return on Total Capital	5.02	-	3.11	2.36	1.98
Return On Equity %	9.99	-	4.4	3.9	0.48
Return on Common Equity	10	-	4.76	3.84	0.32
Margin Analysis
Gross Profit Margin %	9.3	10.53	10.16	8.6	9.35
SG&A Margin	5.06	4.34	5.42	5.11	5.66
EBITDA Margin %	6.81	10.69	10.11	9.48	9.54
EBITA Margin %	3.8	5.28	3.29	2.36	2.09
EBIT Margin %	3.76	5.28	3.29	2.36	2.09
Income From Continuing Operations Margin %	2.78	4.26	1.57	1.28	0.16
Net Income Margin %	2.7	4.14	1.65	1.23	0.1
Net Avail. For Common Margin %	2.7	4.14	1.65	1.23	0.1
Normalized Net Income Margin	2.36	3.3	2.23	1.54	0.99
Levered Free Cash Flow Margin	1.91	-	3.56	4.83	5.15
Unlevered Free Cash Flow Margin	2	-	3.68	5.01	5.44
Asset Turnover
Asset Turnover	1.32	-	1.07	1.17	1.09
Fixed Assets Turnover	3.4	-	2.59	2.82	2.71
Receivables Turnover (Average Receivables)	4.99	-	4.86	5.46	4.77
Inventory Turnover (Average Inventory)	216.76	-	154.37	201.97	182.6
Short Term Liquidity
Current Ratio	1.5	1.3	1.52	1.23	1.36
Quick Ratio	1.14	1.11	1.29	1.02	1.12
Operating Cash Flow to Current Liabilities	0.28	0.42	0.31	0.3	0.28
Days Sales Outstanding (Average Receivables)	73.14	-	75.13	67.05	76.47
Days Outstanding Inventory (Average Inventory)	1.68	-	2.36	1.81	2
Average Days Payable Outstanding	33.82	-	42.87	37.44	43.92
Cash Conversion Cycle (Average Days)	41.01	-	34.63	31.41	34.55
Long Term Solvency
Total Debt/Equity	66.6	81.07	89.8	91.17	103.5
Total Debt / Total Capital	39.98	44.77	47.31	47.69	50.86
LT Debt/Equity	60.29	58.05	68.58	61.74	80.81
Long-Term Debt / Total Capital	36.19	32.06	36.13	32.29	39.71
Total Liabilities / Total Assets	63.19	62.45	61.19	61.99	64.84
EBIT / Interest Expense	27.14	78.72	17.66	7.93	4.54
EBITDA / Interest Expense	49.23	159.18	54.18	31.87	20.75
(EBITDA - Capex) / Interest Expense	5.05	134.15	41.56	24.34	14.98
Total Debt / EBITDA	2.82	2.26	3.25	3.26	3.58
Net Debt / EBITDA	1.29	1.27	1.85	2.23	2.42
Total Debt / (EBITDA - Capex)	27.53	2.68	4.23	4.27	4.96
Net Debt / (EBITDA - Capex)	12.54	1.51	2.42	2.92	3.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.06	-	-14.5	15.12	-0.11
Gross Profit, 1 Yr. Growth %	14.18	-	-17.51	-2.57	8.56
EBITDA, 1 Yr. Growth %	17.99	-	-19.13	7.93	0.54
EBITA, 1 Yr. Growth %	30.59	-	-46.7	-17.55	-11.59
EBIT, 1 Yr. Growth %	31.87	-	-46.7	-17.55	-11.59
Earnings From Cont. Operations, 1 Yr. Growth %	212.12	-	-68.53	-6.02	-87.35
Net Income, 1 Yr. Growth %	222.26	-	-65.8	-14.35	-91.51
Normalized Net Income, 1 Yr. Growth %	41.5	-	-42.3	-20.14	-35.92
Diluted EPS Before Extra, 1 Yr. Growth %	226.82	-	-65.19	-12.94	-91.12
Accounts Receivable, 1 Yr. Growth %	-20.24	-	-14.81	22.71	7.35
Inventory, 1 Yr. Growth %	-8.89	-	-30.56	18.45	2.1
Net Property, Plant and Equip., 1 Yr. Growth %	-1.13	-	5.79	5.37	2.84
Total Assets, 1 Yr. Growth %	7.5	-	1.54	9.02	5.13
Tangible Book Value, 1 Yr. Growth %	7.49	-	4.4	-8.09	-2.71
Common Equity, 1 Yr. Growth %	7.98	-	5.76	6.74	-2.86
Cash From Operations, 1 Yr. Growth %	49.28	-	-37.09	22.7	-8.43
Capital Expenditures, 1 Yr. Growth %	38.03	-	19.81	9.42	18.26
Levered Free Cash Flow, 1 Yr. Growth %	-3.41K	-	-	56.11	6.63
Unlevered Free Cash Flow, 1 Yr. Growth %	6.99K	-	-	56.98	8.4
Dividend Per Share, 1 Yr. Growth %	-	-	20	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.4	-	-	-0.79	7.24
Gross Profit, 2 Yr. CAGR %	1.17	-	-	-10.35	2.84
EBITDA, 2 Yr. CAGR %	3.2	-	-	-6.58	4.17
EBITA, 2 Yr. CAGR %	-1.21	-	-	-33.71	-14.62
EBIT, 2 Yr. CAGR %	-0.94	-	-	-33.71	-14.62
Earnings From Cont. Operations, 2 Yr. CAGR %	6.68	-	-	-45.62	-65.53
Net Income, 2 Yr. CAGR %	6.64	-	-	-45.87	-73.04
Normalized Net Income, 2 Yr. CAGR %	-2.86	-	-	-32.12	-28.46
Diluted EPS Before Extra, 2 Yr. CAGR %	8.35	-	-	-44.95	-72.19
Accounts Receivable, 2 Yr. CAGR %	-12.06	-	-	2.24	14.77
Inventory, 2 Yr. CAGR %	1.66	-	-	-9.31	9.97
Net Property, Plant and Equip., 2 Yr. CAGR %	2.57	-	-	5.58	4.1
Total Assets, 2 Yr. CAGR %	3.05	-	-	5.21	7.06
Tangible Book Value, 2 Yr. CAGR %	4.06	-	-	-2.04	-5.44
Common Equity, 2 Yr. CAGR %	3.52	-	-	6.24	1.82
Cash From Operations, 2 Yr. CAGR %	42.01	-	-	-12.14	6
Capital Expenditures, 2 Yr. CAGR %	27.08	-	-	14.5	13.76
Levered Free Cash Flow, 2 Yr. CAGR %	21.77	-	-	-	29.02
Unlevered Free Cash Flow, 2 Yr. CAGR %	20.55	-	-	-	30.45
Dividend Per Share, 2 Yr. CAGR %	-	-	-	9.54	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.38	-	-	-	-0.56
Gross Profit, 3 Yr. CAGR %	2.78	-	-	-	-4.45
EBITDA, 3 Yr. CAGR %	4.99	-	-	-	-4.26
EBITA, 3 Yr. CAGR %	2.41	-	-	-	-27.03
EBIT, 3 Yr. CAGR %	3.58	-	-	-	-27.03
Earnings From Cont. Operations, 3 Yr. CAGR %	94.44	-	-	-	-66.56
Net Income, 3 Yr. CAGR %	104.77	-	-	-	-70.81
Normalized Net Income, 3 Yr. CAGR %	2.87	-	-	-	-33.41
Diluted EPS Before Extra, 3 Yr. CAGR %	107.13	-	-	-	-70.03
Accounts Receivable, 3 Yr. CAGR %	-7.3	-	-	-	3.92
Inventory, 3 Yr. CAGR %	5.93	-	-	-	-5.66
Net Property, Plant and Equip., 3 Yr. CAGR %	2.74	-	-	-	4.66
Total Assets, 3 Yr. CAGR %	2.44	-	-	-	5.18
Tangible Book Value, 3 Yr. CAGR %	2.56	-	-	-	-2.27
Common Equity, 3 Yr. CAGR %	3.21	-	-	-	3.12
Cash From Operations, 3 Yr. CAGR %	16.86	-	-	-	-10.92
Capital Expenditures, 3 Yr. CAGR %	9.4	-	-	-	15.74
Levered Free Cash Flow, 3 Yr. CAGR %	26.77	-	-	-	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	33.42	-	-	-	-
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	6.27
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.72	-	-	-	-
Gross Profit, 5 Yr. CAGR %	4.7	-	-	-	-
EBITDA, 5 Yr. CAGR %	5.41	-	-	-	-
EBITA, 5 Yr. CAGR %	6.53	-	-	-	-
EBIT, 5 Yr. CAGR %	7.35	-	-	-	-
Earnings From Cont. Operations, 5 Yr. CAGR %	9.76	-	-	-	-
Net Income, 5 Yr. CAGR %	9.49	-	-	-	-
Normalized Net Income, 5 Yr. CAGR %	5.13	-	-	-	-
Diluted EPS Before Extra, 5 Yr. CAGR %	11.18	-	-	-	-
Accounts Receivable, 5 Yr. CAGR %	-3	-	-	-	-
Inventory, 5 Yr. CAGR %	5.43	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	3.88	-	-	-	-
Total Assets, 5 Yr. CAGR %	1.9	-	-	-	-
Tangible Book Value, 5 Yr. CAGR %	4.87	-	-	-	-
Common Equity, 5 Yr. CAGR %	2.21	-	-	-	-
Cash From Operations, 5 Yr. CAGR %	13.21	-	-	-	-
Capital Expenditures, 5 Yr. CAGR %	20.42	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	9.66	-	-	-	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	9.16	-	-	-	-
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-