Nippon Sanso Holdings
ConvictionContext
Oligopolistic industrial-gas model: long-term (15-20yr) take-or-pay on-site plant contracts with cost pass-through, merchant liquid bulk delivery on regional route density, packaged/cylinder gases, high-margin electronics materials gases designed into fabs, medical gases, and own air-separation-unit engineering/manufacturing. Recurring, capex-heavy, pricing-disciplined.
Revenue
JPY 1,359.6B~$8.9B), FY2026 (ended Mar 2026Rev growth
+3.9% YoYGross margin
not separately disclosed under Japanese segment reportingindustrial-gas gross margins structurally ~35-45%Op margin
~14.6% reported operatingJPY 197.9B); ~14.9% core operating (JPY 203.1BCapex intensity
Highinvesting outflow JPY 202.8B FY2026 (+41.9% YoY) covering on-site plant expansion and acquisitions; electronics ~24% of planned capexMarket cap
~$17.8BJPY 2.73T, TSE:4091, as of 2026-07-06The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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