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Nippon Sanso Holdings Corporation

4091.T
63
Chemicals · Basic Materials
Price
¥5438.00
+71.00 (+1.32%)
Market Cap
¥2.35T
Exchange
Tokyo Stock Exchange
Winston Score
63
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Exceptional
Stability
Strong
Valuation
Good
Dividends
Good

§Winston Score History

The full picture

Nippon Sanso Holdings Corporation manages a comprehensive gas business with widespread operations across Japan, the United States, Europe, Asia, and Oceania. Its activities are organized into five primary divisions: dedicated gas businesses in Japan, the U.S., Europe, and the Asia and Oceania region, alongside a specialized Thermos Business segment. The company supplies a broad range of industrial gases, including oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, and acetylene. Furthermore, it offers gases and associated equipment for diverse applications such as welding, cutting, general gas supply, and medical purposes, in addition to air separation and electronic material gases, and installation services for refining and distribution equipment. Beyond its core gas activities, the firm manufactures and distributes household products like stainless-steel vacuum-insulated bottles, tumblers, and fry pans. Founded in Tokyo, Japan, in 1910, the company officially changed its name to Nippon Sanso Holdings Corporation in October 2020, having previously been known as Taiyo Nippon Sanso Corporation. It operates as a subsidiary of the Mitsubishi Chemical Group Corporation.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+53.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

¥287.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Nippon Sanso Holdings Corporation is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 432.7M (2022) → 432.9M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
43.5%
Healthy — 43.5% gross margin
Profit after running costs
Operating Margin
14.6%
Healthy — 14.6% operating margin
Return on the money invested
ROCE
9.6%
Below par — 9.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+8.7%
Steady sales growth (+8.7% YoY)
Profit growth
EPS YoY
+41.9%
Earnings growing fast (+41.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
205%
Turns 205% of profit into real cash
Spare cash per sale
FCF Margin
12.3%
Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.69
Moderate — manageable debt (0.69)
Covers its interest
Interest Cover
8.58x
Comfortably covers interest (8.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.9x
Fair value — P/E 16.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.5
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.21%
Small dividend — 1.21% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+34.7%
Dividend growing fast (34.7% YoY)

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