--- title: "NYK Line (TSE:9101) Margin Compression Reinforces Cautious Narratives After FY 2026 Results" type: "News" locale: "en" url: "https://longbridge.com/en/news/286078949.md" description: "Nippon Yusen Kabushiki Kaisha (TSE:9101) reported FY 2026 results with Q4 revenue of ¥611.6b and EPS of ¥158.66. Revenue has declined from ¥660.1b in Q3 FY 2025 to ¥611.6b in Q4 FY 2026, while trailing net profit margin dropped to 8.7% from 18.5% a year prior. Revenue growth is forecasted at 3.2%, lagging behind the broader Japan market's 6.1%. The current P/E ratio of 10.1x is below the market average, raising concerns about valuation against a DCF fair value of ¥2,220.88. Investors are cautious amid compressing margins and lower growth expectations." datetime: "2026-05-12T10:21:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286078949.md) - [en](https://longbridge.com/en/news/286078949.md) - [zh-HK](https://longbridge.com/zh-HK/news/286078949.md) --- # NYK Line (TSE:9101) Margin Compression Reinforces Cautious Narratives After FY 2026 Results Nippon Yusen Kabushiki Kaisha (TSE:9101) has just posted its FY 2026 results, with fourth quarter revenue of ¥611.6b and basic EPS of ¥158.66, alongside trailing twelve month revenue of ¥2.4t and EPS of ¥504.85. Over recent periods, revenue has moved from ¥660.1b in Q3 FY 2025 to ¥611.7b in Q4 FY 2025, then to ¥600.9b, ¥581.2b, ¥630.0b and ¥611.6b across the four quarters of FY 2026. Quarterly EPS has shifted from ¥292.87 to ¥189.16, then ¥120.90, ¥118.41, ¥107.76 and ¥158.66, setting up a results season where investors will focus closely on how compressing margins and a lower trailing net profit margin shape the earnings story. See our full analysis for Nippon Yusen Kabushiki Kaisha. With the headline figures on the table, the next step is to set these results against the dominant market and community narratives to see which views on Nippon Yusen Kabushiki Kaisha hold up under the latest margin trends and which start to look out of sync. See what the community is saying about Nippon Yusen Kabushiki Kaisha TSE:9101 Revenue & Expenses Breakdown as at May 2026 ## Margins Halve To 8.7% On Trailing Basis - Trailing net profit margin is 8.7% over the last 12 months, compared with 18.5% a year earlier, alongside trailing net income of ¥211.8b on ¥2.4t of revenue. - Consensus narrative highlights pressure on net margins from weaker conditions in Liner and Energy, and this sharp margin step down fits that concern, yet: - The same period also includes a sizeable one off gain of ¥80.1b, so underlying profitability is likely below the reported 8.7% margin that consensus is already treating as compressed. - Consensus still works with a price target of ¥5,726.82 and expects margins to move from 16.5% to 9.1% over several years, which looks demanding when trailing margins are already below that 9.1% level. ## Revenue Growth Trails Market At 3.2% - Revenue is forecast to grow at 3.2% per year compared with 6.1% expected for the broader Japan market, while trailing 12 month revenue sits at about ¥2.4t. - Bulls argue that new logistics platforms and greener vessels can keep the top line resilient, but the current data sets a high bar for that view: - The bullish narrative assumes revenue growth of 6.1% a year and margins easing from 9.5% to 7.2%, while the central forecast here starts from a lower 3.2% growth path and a trailing margin of 8.7% already below that 9.5% reference point. - To support the bullish target of ¥5,726.82 and beyond, those higher growth assumptions need to play out against a starting point where growth expectations in the data are already slower than the market and margins have compressed versus last year. On these numbers, it is worth seeing how optimistic investors connect the dots from FY 2026 margins and a 3.2% revenue growth forecast to their long term upside case for Nippon Yusen Kabushiki Kaisha **🐂 Nippon Yusen Kabushiki Kaisha Bull Case** ## P/E Discount Versus Market, Premium Versus DCF - At a share price of ¥5,325, the trailing P/E of 10.1x sits below the Japan market average of 14.5x, while a DCF fair value of ¥2,220.88 in the data is well below the current price. - Bears point to this gap between price and DCF fair value as a risk, and the recent earnings pattern gives them some data to work with: - Trailing EPS of ¥504.85 is supported by last 12 month net income of ¥211.8b that includes the ¥80.1b one off gain, so critics argue that the P/E may look lower than it would on a more normalised earnings base. - The forecast for earnings to decline by about 0.2% a year contrasts with paying more than double the DCF fair value, which bears see as a sign that the current valuation leaves limited room if earnings track the softer path in the data. If you are weighing that 10.1x P/E against a DCF fair value of ¥2,220.88 and softer earnings forecasts, it can help to see how more cautious investors frame their thesis for Nippon Yusen Kabushiki Kaisha **🐻 Nippon Yusen Kabushiki Kaisha Bear Case** ## Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Nippon Yusen Kabushiki Kaisha on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. If this mix of pressure and potential feels finely balanced, treat it as a prompt to move quickly: dig into the details yourself and weigh both the risks and upsides through 1 key reward and 4 important warning signs ## Explore Alternatives Compressing margins, softer 3.2% revenue growth expectations versus the wider Japan market and a share price well above the DCF fair value all point to valuation risk. If that mix of slower expected growth and a premium to DCF fair value worries you, compare Nippon Yusen Kabushiki Kaisha with companies in the 11 high quality undervalued stocks. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### Valuation is complex, but we're here to simplify it. Discover if Nippon Yusen Kabushiki Kaisha might be undervalued or overvalued with our detailed analysis, featuring **fair value estimates, potential risks, dividends, insider trades, and its financial condition.** Access Free Analysis ### Related Stocks - [9101.JP](https://longbridge.com/en/quote/9101.JP.md) ## Related News & Research - [NYK Advances Large-Scale Share Buyback, Repurchasing Over 23 Million Shares](https://longbridge.com/en/news/274455389.md) - [Kyoritsu Maintenance Adjusts Major Shareholder Status After Convertible Bond Conversion](https://longbridge.com/en/news/289039333.md) - [Kobe Electric Railway Details Ties to Hankyu Hanshin, Stresses Operational Independence](https://longbridge.com/en/news/289148467.md) - [Sekisui Kasei Affirms Operational Independence From Sekisui Chemical](https://longbridge.com/en/news/289154977.md) - [Tokyo Tekko Advances Share Buyback Under Board-Approved Program](https://longbridge.com/en/news/288365718.md)