# Di-Nikko Engineering Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2025/01/01－2025/12/31) (S100XUDS)
> Page: https://vizora.meequs.com/en/company/di-nikko-engineering
> Retrieved: 2026-09-30T20:25:57.333Z

## Company

Di-Nikko Engineering, founded in 1979, is a company in Electronic Components listed on TSE Standard. It has 988 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Di-Nikko Engineering Co.,Ltd. |
| Ticker | 6635 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6635.T) |
| Listing | TSE Standard |
| Head office | 栃木県日光市根室697番地1 |
| Representative (per filing) | 代表取締役社長執行役員 山口 琢也 |
| Founded | Sep 1979 |
| Share capital | ¥1.17B |
| Employees (consolidated) | 988 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Corporate number | 4060001008446 |
| EDINET | E02116 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XUDS, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 53 |
| Profitability | 18.8 | 56 |
| Cash conversion | 94.8 | 48 |
| Efficiency | 88.4 | 56 |

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 57% of Di-Nikko Engineering's sales come from Asia, with Japan and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit -0.8%.

## Company structure

- Segment revenue mix: Asia 56.9%、Japan 42.9%、Other 0.3%
- Revenue → net income: ¥36954622000 → ¥307166000
- Net income → operating cash flow: ¥307166000 → ¥2562757000（difference ¥2255591000）
- Main uses of operating cash flow: CapEx ¥920339000 / dividends ¥70122000 / buybacks ¥67340000
- Change in cash: ¥1062816000
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 | ¥37B |  |
| Operating income | ¥638.1M | Margin 1.7% |
| Net income | ¥208.8M | Margin 0.6% |
| Free cash flow | ¥1.64B |  |
| Largest business | Asia | of segment revenue 56.9% |
| Employees (consolidated) | 988 |  |
| EPS | ¥-71.96 |  |
| Diluted EPS | ¥-71.91 |  |
| Book value per share | ¥531.61 |  |
| Equity ratio | 24.1% |  |
| Shares outstanding | 6,800,600 |  |
| Treasury shares | 168,900 |  |
| Shareholders | 1,724 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | -4.2 pp | Electronic Components |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 12.3× net income
- FY2025, one segment accounts for 68% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28004409000 | ¥36954622000 | +32.0% |
| Operating income | ¥205515000 | ¥638133000 | +210.5% |
| Operating margin | 0.7% | 1.7% | +1 pp |
| Employees | 1,158 people | 988 people | -14.7% |
| Cash and equivalents | ¥1679385000 | ¥5359688000 | +219.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 | 40.1% |
| アジア → アジア | 56.9% |
| アジア → 事業再編・廃止 | 3.0% |
| その他 → その他 | 0.1% |
| 新設・再編 → 日本 | 2.8% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +4.6% | ¥21023768000 | 4.1% | 2 |
| Japan | 5 years | +7.1% | ¥15836902000 | 2.6% | 2 |
| Other | 5 years | +44.6% | ¥93950000 | -34.7% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,955 | 100.0% | S100XUDS |
| Cost of revenue | 33,079 | 89.5% | S100XUDS |
| Gross profit | 3,875 | 10.5% | S100XUDS |
| SG&A | 3,237 | 8.8% | S100XUDS |
| Operating income | 638 | 1.7% | S100XUDS |
| Ordinary income | 691 | 1.9% | S100XUDS |
| Pretax income | 585 | 1.6% | S100XUDS |
| Income tax | 278 | 0.8% | S100XUDS |
| Net income | 307 | 0.8% | S100XUDS |
| Net income attributable to owners | 209 | 0.6% | S100XUDS |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.5% → Operating margin 1.7% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.1%; Core profit growth: -0.8%
Operating leverage (core profit growth ÷ revenue growth): 0.16×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 38,960 | 36,955 | -2,005 | -5.1% |
| Gross profit | 4,202 | 3,875 | -327 | -7.8% |
| Operating income | 643 | 638 | -5 | -0.8% |
| Net income attributable to owners | 277 | 209 | -69 | -24.7% |
| Operating cash flow | 1,744 | 2,563 | 818 | +46.9% |
| Free cash flow | 1,137 | 1,642 | 505 | +44.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 27,724 | 221 | 0.8% | 364 | 472 | -239 | S100L3BI |
| FY ending Dec 2020 | 28,004 | 206 | 0.7% | 307 | 651 | -5 | S100NSYQ |
| FY ending Dec 2021 | 29,859 | 196 | 0.7% | -90 | -185 | -670 | S100QIDG |
| FY ending Dec 2022 | 33,940 | 649 | 1.9% | 995 | -546 | -795 | S100T5ZW |
| FY ending Dec 2023 | 39,203 | 584 | 1.5% | 350 | 976 | 531 | S100VIQC |
| FY ending Dec 2024 | 38,960 | 643 | 1.7% | 277 | 1,744 | 1,137 | S100XUDS |
| FY ending Dec 2025 | 36,955 | 638 | 1.7% | 209 | 2,563 | 1,642 | S100XUDS |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.4M |
| Operating income per employee (consolidated) | ¥645.9K |
| Net income per employee (consolidated) | ¥211.4K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,123 | 1,060 | 1,085 | 1,019 | 988 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.2M | ¥5.1M | ¥4.8M |
| Average age (parent company) | 40.8 years | 41.3 years | 42.4 years | 42.4 years | 43.3 years |
| Average tenure (parent company) | 11.7 years | 12.2 years | 12.7 years | 12.9 years | 13.3 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -5.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 15,837 | 42.9% | 416 | 2.6% |
| Asia | 21,024 | 56.9% | 866 | 4.1% |
| Other | 94 | 0.3% | -33 | -34.7% |

### 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 | 42.9% | 32.4% | -10.4 | 2.6% |
| Asia | 56.9% | 67.6% | 10.7 | 4.1% |
| Other | 0.3% | — | — | -34.7% |

Loss-making segment (excluded from profit shares): Other -33 JPY mn

Segment → industry: Asia → Electronic Components / Japan → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,563 | 6.9% | S100XUDS |
| Capital expenditure | 920 | 2.5% | S100XUDS |
| Free cash flow | 1,642 | 4.4% | 算出 |
| Investing cash flow | -646 | -1.7% | S100XUDS |
| Financing cash flow | -921 | -2.5% | S100XUDS |
| Dividends paid | 70 | 0.2% | S100XUDS |
| Share buyback | 67 | 0.2% | S100XUDS |
| Change in cash | 1,063 | 2.9% | S100XUDS |
| Cash and equivalents | 5,360 | 14.5% | S100XUDS |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,241 | 2,933 | 3,524 | 4,297 | 5,360 | S100T5ZW, S100VIQC, S100XUDS |
| Total assets | 21,051 | 29,855 | 29,197 | 29,560 | 28,855 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Net assets | 3,629 | 6,181 | 6,937 | 8,020 | 8,238 | S100T5ZW, S100VIQC, S100XUDS |
| Share capital | 876 | 1,167 | 1,175 | 1,175 | 1,175 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Trade receivables | 3,250 | 7,863 | 7,525 | 8,024 | 7,892 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Property, plant and equipment | 4,188 | 4,374 | 4,240 | 4,160 | 4,141 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Intangible assets excluding goodwill | 139 | 492 | 471 | 508 | 627 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Investment securities | 664 | 697 | 781 | 897 | 587 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Current assets | 15,450 | 23,845 | 23,241 | 23,673 | 23,200 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Current liabilities | 11,366 | 18,822 | 17,086 | 16,570 | 17,134 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Trade payables | 3,031 | 6,423 | 5,839 | 5,553 | 5,322 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Short-term borrowings | 3,283 | 5,627 | 5,438 | 5,692 | 5,078 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Long-term borrowings | 5,765 | 4,456 | 4,756 | 4,567 | 3,071 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Total liabilities | 17,422 | 23,675 | 22,260 | 21,540 | 20,617 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Non-controlling interests | 179 | 878 | 968 | 1,137 | 1,293 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Equity attributable to owners of parent | 2,375 | 3,906 | 4,193 | 4,392 | 4,445 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Retained earnings | 924 | 1,866 | 2,128 | 2,324 | 2,439 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |
| Treasury stock | -39 | -30 | -18 | -15 | -77 | S100QIDG, S100T5ZW, S100VIQC, S100XUDS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XUDS |
| Receivables | 27% | S100XUDS |
| Property, plant and equipment | 14% | S100XUDS |
| Intangibles and goodwill | 2% | S100XUDS |
| Investment securities | 2% | S100XUDS |
| Other assets | 36% | S100XUDS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100XUDS |
| Other liabilities | 53% | S100XUDS |
| Equity | 29% | S100XUDS |
| Other liabilities | 0% | S100XUDS |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,051 | 29,855 | 29,197 | 29,560 | 28,855 |
| Equity | 3,629 | 6,181 | 6,937 | 8,020 | 8,238 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,241 | 2,933 | 3,524 | 4,297 | 5,360 |

## 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) | 11.2% | S100XUDS |
| Fixed assets ÷ total assets | 14.4% | S100XUDS |
| Goodwill ÷ parent equity | — | —, S100XUDS |

### 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) | 18.6% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 401.6% |
| Cash vs. profit gap | 2,354 JPY mn (of net income 1127.2%) |
| Shareholder returns / net income | 65.8% |
| Shareholder returns / FCF | 8.4% |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | 4.3% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 25.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.4% | —× | — | S100QIDG |
| 2022 | 2.9% | 1.33× | 3.9% | 8.10× | 31.7% | S100T5ZW |
| 2023 | 0.9% | 1.33× | 1.2% | 7.29× | 8.6% | S100VIQC |
| 2024 | 0.7% | 1.33× | 0.9% | 6.84× | 6.5% | S100XUDS |
| 2025 | 0.6% | 1.27× | 0.7% | 6.61× | 4.7% | S100XUDS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LEE WO INVESTMENT GROUP LIMITED (常任代理人 冨士靖史） | Major shareholder | 19.4% | 2025-12-31 |
| 有限会社欅 | Major shareholder | 15.8% | 2025-12-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 5.0% | 2025-12-31 |
| 山口 琢也 | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社足利銀行 | Major shareholder | 3.9% | 2025-12-31 |
| 大日光・エンジニアリング従業員持株会 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.3% | 2025-12-31 |
| レッドリーフ株式会社 | Major shareholder | 2.2% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社栃木銀行 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/01/01－2025/12/31) | S100XUDS | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUDS,, |
| 有価証券報告書－第46期(2024/01/01－2024/12/31) | S100VIQC | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIQC,, |
| 有価証券報告書－第45期(2023/01/01－2023/12/31) | S100T5ZW | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5ZW,, |
| 有価証券報告書－第44期(2022/01/01－2022/12/31) | S100QIDG | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIDG,, |
| 有価証券報告書－第43期(令和3年1月1日－令和3年12月31日) | S100NSYQ | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSYQ,, |
| 有価証券報告書－第42期(令和2年1月1日－令和2年12月31日) | S100L3BI | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3BI,, |

## 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).