# NIKKISO CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第85期(2025/01/01－2025/12/31) (S100XU3R)
> Page: https://vizora.meequs.com/en/company/eir-parts
> Retrieved: 2026-09-30T20:29:30.764Z

## Company

Nikkiso, founded in 1953, is a company in Medical Devices listed on TSE Prime. It has 8,120 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKISO CO., LTD. |
| Ticker | 6376 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6376.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿4丁目20番3号 |
| Representative (per filing) | 代表取締役社長執行役員 加藤 孝一 |
| Founded | Dec 1953 |
| Share capital | ¥6.54B |
| Employees (consolidated) | 8,120 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | December |
| Website | eir-parts.net (https://eir-parts.net/) |
| Corporate number | 7011001017109 |
| EDINET | E01591 |
| Industries (Vizora) | Medical Devices, Aerospace, Industrial Machinery |

> Profile source: annual securities report (S100XU3R, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45 | 110 |
| Profitability | 45.5 | 122 |
| Cash conversion | 52.2 | 116 |
| Efficiency | 24.2 | 122 |

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 63% of Nikkiso's sales come from Industrial segment, with Medical segment making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit +139.6%.

## Company structure

- Segment revenue mix: Industrial segment 63.4%、Medical segment 36.6%
- Revenue → net income: ¥215642000000 → ¥13808000000
- Net income → operating cash flow: ¥13808000000 → ¥17619000000（difference ¥3811000000）
- Main uses of operating cash flow: CapEx ¥7122000000 / dividends ¥2186000000 / buybacks ¥1546000000
- Change in cash: ¥8680000000
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 | ¥215.6B |  |
| Operating income | ¥15.3B | Margin 7.1% |
| Net income | ¥13.7B | Margin 6.3% |
| Free cash flow | ¥10.5B |  |
| Largest business | Industrial segment | of segment revenue 63.4% |
| Employees (consolidated) | 8,120 |  |
| EPS | ¥206.22 |  |
| Diluted EPS | ¥205.96 |  |
| Book value per share | ¥1734.36 |  |
| Equity ratio | 44.2% | Derived from disclosed figures |
| Shares outstanding | 69,175,000 |  |
| Treasury shares | 3,909,900 |  |
| Shareholders | 11,433 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | +29 pp | Aerospace |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -3% while operating income rose 140%
- FY2025, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥158542000000 | ¥215642000000 | +36.0% |
| Operating income | ¥10229000000 | ¥15331000000 | +49.9% |
| Operating margin | 6.5% | 7.1% | +0.7 pp |
| Employees | 8,789 people | 8,120 people | -7.6% |
| Cash and equivalents | ¥28570000000 | ¥44584000000 | +56.1% |

### 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 |
| --- | ---: |
| 工業部門 → 工業部門 | 28.9% |
| 工業部門 → 事業再編・廃止 | 28.9% |
| 医療部門 → 医療部門 | 21.1% |
| 医療部門 → 事業再編・廃止 | 21.1% |
| 新設・再編 → 工業部門 | 34.5% |
| 新設・再編 → 医療部門 | 15.5% |

Segment revenue source references: 6 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 215,642 | 100.0% | S100XU3R |
| Cost of revenue | 150,629 | 69.9% | S100XU3R |
| Gross profit | 65,013 | 30.1% | S100XU3R |
| SG&A | 50,104 | 23.2% | S100XU3R |
| Operating income | 15,331 | 7.1% | S100XU3R |
| Pretax income | 17,255 | 8.0% | S100XU3R |
| Income tax | 3,447 | 1.6% | S100XU3R |
| Net income | 13,808 | 6.4% | S100XU3R |
| Net income attributable to owners | 13,652 | 6.3% | S100XU3R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 23 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 30.1% → Operating margin 7.1% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.1%; Core profit growth: +139.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 131.65×
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 | 213,379 | 215,642 | 2,263 | +1.1% |
| Gross profit | 57,998 | 65,013 | 7,015 | +12.1% |
| Operating income | 6,398 | 15,331 | 8,933 | +139.6% |
| Net income attributable to owners | 7,957 | 13,652 | 5,695 | +71.6% |
| Operating cash flow | -6,568 | 17,619 | 24,187 | — |
| Free cash flow | -13,077 | 10,497 | 23,574 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 130,045 | — | — | 4,883 | 13,400 | — | S100LCA8 |
| FY ending Dec 2017 | 140,912 | — | — | 5,182 | 4,915 | — | S100NRSC |
| FY ending Dec 2018 | 165,326 | — | — | 7,448 | 14,076 | — | S100QHTY |
| FY ending Dec 2019 | 165,780 | 12,466 | 7.5% | 6,813 | 11,996 | 4,777 | S100LCA8 |
| FY ending Dec 2020 | 158,542 | 10,229 | 6.5% | 6,560 | 12,480 | -644 | S100NRSC |
| FY ending Dec 2021 | 167,759 | 3,125 | 1.9% | 221 | 3,594 | -8,629 | S100QHTY |
| FY ending Dec 2022 | 177,109 | — | — | 13,639 | 8,384 | — | S100XU3R |
| FY ending Dec 2023 | 192,629 | 5,885 | 3.1% | 9,071 | 14,245 | 4,811 | S100VIWX |
| FY ending Dec 2024 | 213,379 | 6,398 | 3.0% | 7,957 | -6,568 | -13,077 | S100XU3R |
| FY ending Dec 2025 | 215,642 | 15,331 | 7.1% | 13,652 | 17,619 | 10,497 | S100XU3R |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.6M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 8,638 | 7,629 | 8,131 | 8,337 | 8,120 |
| Average salary (parent company) | ¥6M | — | ¥6.2M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 42.3 years | — | 42.9 years | 43.3 years | 43.2 years |
| Average tenure (parent company) | 12.2 years | — | 12.9 years | 12.9 years | 12.7 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +1.1%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial segment | 136,750 | 63.4% | 13,504 | 9.9% |
| Medical segment | 78,891 | 36.6% | 6,055 | 7.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial segment | 63.4% | 69.0% | 5.6 | 9.9% |
| Medical segment | 36.6% | 31.0% | -5.6 | 7.7% |

Segment → industry: Medical segment → Medical Devices / Industrial segment → Aerospace / Industrial segment → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17,619 | 8.2% | S100XU3R |
| Capital expenditure | 7,122 | 3.3% | S100XU3R |
| Free cash flow | 10,497 | 4.9% | 算出 |
| Investing cash flow | 133 | 0.1% | S100XU3R |
| Financing cash flow | -9,787 | -4.5% | S100XU3R |
| Dividends paid | 2,186 | 1.0% | S100XU3R |
| Share buyback | 1,546 | 0.7% | S100XU3R |
| Change in cash | 8,680 | 4.0% | S100XU3R |
| Cash and equivalents | 44,584 | 20.7% | S100XU3R |

## 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 | 29,027 | 48,462 | 32,304 | 34,663 | 44,584 | S100T8MN, S100XU3R |
| Total assets | 298,963 | 286,602 | 296,228 | 325,563 | 358,129 | S100QHTY, S100XU3R, S100VIWX |
| Net assets | 94,199 | — | 126,288 | 142,005 | 160,228 | S100T8MN, S100XU3R |
| Share capital | 6,544 | — | 6,544 | 6,544 | 6,544 | S100QHTY, S100VIWX, S100XU3R |
| Property, plant and equipment | 55,209 | — | 53,598 | 53,369 | 51,795 | S100QHTY, S100VIWX, S100XU3R |
| Goodwill | 50,661 | — | 25,290 | 26,931 | 26,871 | S100QHTY, S100VIWX, S100XU3R |
| Current assets | 138,940 | — | 160,650 | 180,137 | 194,408 | S100QHTY, S100VIWX, S100XU3R |
| Total liabilities | 204,763 | — | 169,940 | 183,558 | 197,900 | S100QHTY, S100VIWX, S100XU3R |
| Equity attributable to owners of parent | 92,197 | — | 124,426 | 140,070 | 158,176 | S100QHTY, S100VIWX, S100XU3R |
| Retained earnings | 69,509 | — | 89,724 | 95,912 | 107,670 | S100QHTY, S100VIWX, S100XU3R |
| Treasury stock | -2,495 | — | -2,753 | -2,692 | -4,224 | S100QHTY, S100VIWX, S100XU3R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XU3R |
| Property, plant and equipment | 14% | S100XU3R |
| Intangibles and goodwill | 8% | — |
| Other assets | 66% | S100XU3R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XU3R |
| Equity | 45% | S100XU3R |
| Other liabilities | 0% | S100XU3R |

### 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 | 298,963 | 286,602 | 296,228 | 325,563 | 358,129 |
| Equity | 94,199 | — | 126,288 | 142,005 | 160,228 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,027 | 48,462 | 32,304 | 34,663 | 44,584 |

## 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) | 24.0% | S100XU3R |
| Fixed assets ÷ total assets | 14.5% | S100XU3R |
| Goodwill ÷ parent equity | 17.0% | S100XU3R |

Goodwill over 4 years: 50,661 → 26,871 JPY; total investing cash flow: 48,128 JPY. This does not imply causation.

### 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) | 12.4% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.9% |
| Cash vs. profit gap | 3,967 JPY mn (of net income 29.1%) |
| Shareholder returns / net income | 27.3% |
| Shareholder returns / FCF | 35.6% |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | 20.8% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 0.8% |

## 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 | 0.1% | 0.56× | 0.1% | 3.24× | 0.2% | S100QHTY |
| 2022 | — | —× | 4.7% | —× | — | S100XU3R |
| 2023 | 4.7% | 0.66× | 3.1% | 2.34× | 7.3% | S100VIWX |
| 2024 | 3.7% | 0.69× | 2.6% | 2.35× | 6.0% | S100XU3R |
| 2025 | 6.3% | 0.63× | 4.0% | 2.29× | 9.2% | S100XU3R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.5% | 2025-12-31 |
| 日機装持株会 | Major shareholder | 5.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2025-12-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.8% | 2025-12-31 |
| 日機装従業員持株会 | Major shareholder | 3.3% | 2025-12-31 |
| 富国生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.5% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/01/01－2025/12/31) | S100XU3R | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU3R,, |
| 有価証券報告書－第84期(2024/01/01－2024/12/31) | S100VIWX | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIWX,, |
| 訂正有価証券報告書－第83期(2023/01/01－2023/12/31) | S100T8MN | 2024-04-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8MN,, |
| 有価証券報告書－第82期(2022/01/01－2022/12/31) | S100QHTY | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHTY,, |
| 有価証券報告書－第81期(令和3年1月1日－令和3年12月31日) | S100NRSC | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRSC,, |
| 訂正有価証券報告書－第80期(令和2年1月1日－令和2年12月31日) | S100LCA8 | 2021-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCA8,, |

## 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).