# DaikyoNishikawa Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/04/01－2026/03/31) (S100YCYY)
> Page: https://vizora.meequs.com/en/company/daikyonishikawa
> Retrieved: 2026-09-30T20:25:54.398Z

## Company

DaikyoNishikawa, founded in 2007, is a company in Auto Parts listed on TSE Prime. It has 5,712 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DaikyoNishikawa Corporation |
| Ticker | 4246 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4246.T) |
| Listing | TSE Prime |
| Head office | 広島県東広島市寺家産業団地5番1号 |
| Representative (per filing) | 代表取締役社長 杉山 郁男 |
| Founded | Apr 2007 |
| Share capital | ¥5.43B |
| Employees (consolidated) | 5,712 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.daikyonishikawa.co.jp (https://www.daikyonishikawa.co.jp/) |
| Corporate number | 3240001036909 |
| EDINET | E30438 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YCYY, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.7 | 110 |
| Profitability | 69.8 | 111 |
| Cash conversion | 51.4 | 108 |
| Efficiency | 61.7 | 111 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 61% of DaikyoNishikawa's sales come from Japan, with North America and ASEAN making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit +2.5%.

## Company structure

- Segment revenue mix: Japan 61.1%、North America 28.3%、ASEAN 6.6%、China and Korea 4.0%
- Revenue → net income: ¥165706000000 → ¥8895000000
- Net income → operating cash flow: ¥8895000000 → ¥17627000000（difference ¥8732000000）
- Main uses of operating cash flow: CapEx ¥9437000000 / dividends ¥2648000000 / buybacks ¥4034000000
- Change in cash: ¥10027000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥165.7B |  |
| Operating income | ¥10.3B | Margin 6.2% |
| Net income | ¥8.66B | Margin 5.2% |
| Free cash flow | ¥8.19B |  |
| Largest business | Japan | of segment revenue 61.1% |
| Employees (consolidated) | 5,712 |  |
| EPS | ¥81.46 |  |
| Book value per share | ¥1046.62 |  |
| Equity ratio | 55.9% |  |
| Shares outstanding | 70,997,800 |  |
| Treasury shares | 5,134,900 |  |
| Shareholders | 32,157 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 21.5% | Cash ÷ revenue 20.5% |
| Vs. industry median margin | +1.4 pp | Auto Parts |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥150234000000 | ¥165706000000 | +10.3% |
| Operating income | ¥4456000000 | ¥10251000000 | +130.0% |
| Operating margin | 3.0% | 6.2% | +3.2 pp |
| Employees | 5,414 people | 5,712 people | +5.5% |
| Cash and equivalents | ¥32967000000 | ¥34027000000 | +3.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 61.1% |
| 日本 → 事業再編・廃止 | 14.6% |
| 中米・北米 → 事業再編・廃止 | 15.2% |
| アセアン → アセアン | 5.5% |
| 中国・韓国 → 中国・韓国 | 3.6% |
| 新設・再編 → 北米 | 28.3% |
| 新設・再編 → アセアン | 1.1% |
| 新設・再編 → 中国・韓国 | 0.4% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | -2.3% | ¥101305000000 | 3.4% | 2 |
| North America | — | — | ¥46859000000 | 12.0% | 2 |
| ASEAN | 5 years | +5.8% | ¥10878000000 | 5.0% | 2 |
| China and Korea | 5 years | +4.4% | ¥6663000000 | 1.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 165,706 | 100.0% | S100YCYY |
| Cost of revenue | 143,043 | 86.3% | S100YCYY |
| Gross profit | 22,662 | 13.7% | S100YCYY |
| SG&A | 12,411 | 7.5% | S100YCYY |
| Operating income | 10,251 | 6.2% | S100YCYY |
| Ordinary income | 10,709 | 6.5% | S100YCYY |
| Pretax income | 10,556 | 6.4% | S100YCYY |
| Income tax | 1,661 | 1.0% | S100YCYY |
| Net income | 8,895 | 5.4% | S100YCYY |
| Net income attributable to owners | 8,661 | 5.2% | S100YCYY |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 8 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 13.7% → Operating margin 6.2% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.7%; Core profit growth: +2.5%
Operating leverage (core profit growth ÷ revenue growth): -1.46×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 168,561 | 165,706 | -2,855 | -1.7% |
| Gross profit | 22,375 | 22,662 | 287 | +1.3% |
| Operating income | 10,004 | 10,251 | 247 | +2.5% |
| Net income attributable to owners | 6,498 | 8,661 | 2,163 | +33.3% |
| Operating cash flow | 16,783 | 17,627 | 844 | +5.0% |
| Free cash flow | 8,725 | 8,190 | -535 | -6.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 182,219 | 8,995 | 4.9% | 4,907 | 19,584 | -4,323 | S100LK46 |
| FY ending Mar 2021 | 150,234 | 4,456 | 3.0% | 2,536 | 16,788 | 56 | S100O9RH |
| FY ending Mar 2022 | 116,669 | -2,632 | -2.3% | -2,085 | 3,705 | -14,973 | S100R0EB |
| FY ending Mar 2023 | 145,744 | 3,453 | 2.4% | 518 | 14,048 | 6,393 | S100TNR1 |
| FY ending Mar 2024 | 159,019 | 8,690 | 5.5% | 5,782 | 20,372 | 14,984 | S100VVT1 |
| FY ending Mar 2025 | 168,561 | 10,004 | 5.9% | 6,498 | 16,783 | 8,725 | S100YCYY |
| FY ending Mar 2026 | 165,706 | 10,251 | 6.2% | 8,661 | 17,627 | 8,190 | S100YCYY |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,482 | 5,461 | 5,601 | 5,779 | 5,712 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 41.0 years | 41.0 years | 40.1 years | 41.4 years | 42.0 years |
| Average tenure (parent company) | 15.4 years | 15.1 years | 15.0 years | 15.4 years | 16.2 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) -1.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 101,305 | 61.1% | 3,429 | 3.4% |
| North America | 46,859 | 28.3% | 5,607 | 12.0% |
| ASEAN | 10,878 | 6.6% | 546 | 5.0% |
| China and Korea | 6,663 | 4.0% | 77 | 1.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 61.1% | 35.5% | -25.6 | 3.4% |
| North America | 28.3% | 58.0% | 29.8 | 12.0% |
| ASEAN | 6.6% | 5.7% | -0.9 | 5.0% |
| China and Korea | 4.0% | 0.8% | -3.2 | 1.2% |

Segment → industry: China and Korea → Auto Parts / ASEAN → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17,627 | 10.6% | S100YCYY |
| Capital expenditure | 9,437 | 5.7% | S100YCYY |
| Free cash flow | 8,190 | 4.9% | 算出 |
| Investing cash flow | -4,943 | -3.0% | S100YCYY |
| Financing cash flow | -2,734 | -1.6% | S100YCYY |
| Dividends paid | 2,648 | 1.6% | S100YCYY |
| Share buyback | 4,034 | 2.4% | S100YCYY |
| Change in cash | 10,027 | 6.1% | S100YCYY |
| Cash and equivalents | 34,027 | 20.5% | S100YCYY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,867 | 18,944 | 32,123 | 23,999 | 34,027 | S100TNR1, S100VVT1, S100YCYY |
| Total assets | 156,162 | 162,899 | 161,225 | 154,554 | 158,633 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Net assets | 76,918 | 78,422 | 83,254 | 89,949 | 90,332 | S100TNR1, S100VVT1, S100YCYY |
| Share capital | 5,426 | 5,426 | 5,426 | 5,426 | 5,426 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Property, plant and equipment | 80,432 | 81,036 | 75,670 | 75,843 | 72,348 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Intangible assets excluding goodwill | 799 | 887 | 1,105 | 1,555 | 3,180 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Investment securities | 2,318 | 2,557 | 2,004 | 1,480 | 1,592 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Current assets | 69,316 | 73,672 | 80,327 | 73,097 | 80,006 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Current liabilities | 39,067 | 45,456 | 44,793 | 43,031 | 43,225 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Trade payables | 22,904 | 24,999 | 22,278 | 23,232 | 21,294 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Short-term borrowings | 1,442 | 1,470 | 1,498 | 1,550 | 1,571 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Long-term borrowings | 34,128 | 32,191 | 28,068 | 18,106 | 22,348 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Total liabilities | 79,243 | 84,477 | 77,971 | 64,605 | 68,300 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Non-controlling interests | 2,686 | 2,818 | 2,542 | 2,611 | 1,653 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Equity attributable to owners of parent | 71,128 | 69,543 | 73,218 | 77,306 | 77,977 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Retained earnings | 59,185 | 57,572 | 61,222 | 65,302 | 69,946 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |
| Treasury stock | -4,177 | -4,097 | -4,050 | -3,996 | -4,819 | S100R0EB, S100TNR1, S100VVT1, S100YCYY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YCYY |
| Property, plant and equipment | 46% | S100YCYY |
| Intangibles and goodwill | 2% | S100YCYY |
| Investment securities | 1% | S100YCYY |
| Other assets | 30% | S100YCYY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YCYY |
| Other liabilities | 30% | S100YCYY |
| Equity | 57% | S100YCYY |
| Other liabilities | 0% | S100YCYY |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 156,162 | 162,899 | 161,225 | 154,554 | 158,633 |
| Equity | 76,918 | 78,422 | 83,254 | 89,949 | 90,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,867 | 18,944 | 32,123 | 23,999 | 34,027 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 43.7% | S100YCYY |
| Fixed assets ÷ total assets | 45.6% | S100YCYY |
| Goodwill ÷ parent equity | — | —, S100YCYY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 21.5% |
| Cash ÷ revenue | 20.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 172.0% |
| Cash vs. profit gap | 8,966 JPY mn (of net income 103.5%) |
| Shareholder returns / net income | 77.2% |
| Shareholder returns / FCF | 81.6% |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | 32.3% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 28.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -1.3% | —× | — | S100R0EB |
| 2023 | 0.4% | 0.91× | 0.3% | 2.27× | 0.7% | S100TNR1 |
| 2024 | 3.6% | 0.98× | 3.6% | 2.27× | 8.1% | S100VVT1 |
| 2025 | 3.9% | 1.07× | 4.1% | 2.10× | 8.6% | S100YCYY |
| 2026 | 5.2% | 1.06× | 5.5% | 2.02× | 11.2% | S100YCYY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西川ゴム工業株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.2% | 2026-03-31 |
| 株式会社イノアックコーポレーション | Major shareholder | 6.0% | 2026-03-31 |
| MURAKAMI TAKATERU （常任代理人 三田証券株式会社） | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| マツダ株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 4.5% | 2026-03-31 |
| ダイキョーニシカワ社員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社中島商会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YCYY | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCYY,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100VVT1 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VVT1,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TNR1 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNR1,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R0EB | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0EB,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100O9RH | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9RH,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LK46 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK46,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).