# Nabtesco Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/01/01－2025/12/31) (S100XTOY)
> Page: https://vizora.meequs.com/en/company/nabtesco
> Retrieved: 2026-09-30T21:00:29.980Z

## Company

Nabtesco, founded in 2003, is a company in Robots & Factory Automation listed on TSE Prime. It has 8,472 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nabtesco Corporation |
| Ticker | 6268 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6268.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区平河町二丁目7番9号 |
| Representative (per filing) | 代表取締役 木村和正 |
| Founded | Sep 2003 |
| Share capital | ¥10B |
| Employees (consolidated) | 8,472 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.nabtesco.com (https://www.nabtesco.com/) |
| Corporate number | 3010001142283 |
| EDINET | E01726 |
| Industries (Vizora) | Robots & Factory Automation, Electrical Equipment, Aerospace, Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100XTOY, filed 2026-03-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15 | 110 |
| Profitability | 43 | 122 |
| Cash conversion | 70.3 | 116 |
| Efficiency | 37.3 | 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 36% of Nabtesco's sales come from Accessibility Solutions, with Transport Solutions and Component Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +9.8% from the prior year, operating profit +60.3%.

## Company structure

- Segment revenue mix: Accessibility Solutions 35.9%、Transport Solutions 32.6%、Component Solutions 25.8%、Other 5.7%
- Revenue → net income: ¥307912000000 → ¥17625000000
- Net income → operating cash flow: ¥17625000000 → ¥32824000000（difference ¥15199000000）
- Main uses of operating cash flow: CapEx ¥16015000000 / dividends ¥9648000000 / buybacks ¥10065000000
- Change in cash: ¥5138000000
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 | ¥307.9B |  |
| Operating income | ¥20.7B | Margin 6.7% |
| Net income | ¥15.7B | Margin 5.1% |
| Free cash flow | ¥16.8B |  |
| Largest business | Accessibility Solutions | of segment revenue 35.9% |
| Employees (consolidated) | 8,472 |  |
| EPS | ¥131.56 |  |
| Diluted EPS | ¥131.55 |  |
| Book value per share | ¥1428.26 |  |
| Equity ratio | 58.6% | Derived from disclosed figures |
| Shares outstanding | 118,065,000 |  |
| Treasury shares | 436,200 |  |
| Shareholders | 24,229 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | -0.8 pp | Industrial Machinery |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, buybacks were 1.0× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥279358000000 | ¥307912000000 | +10.2% |
| Operating income | ¥28533000000 | ¥20726000000 | -27.4% |
| Operating margin | 10.2% | 6.7% | -3.5 pp |
| Employees | 7,717 people | 8,472 people | +9.8% |
| Cash and equivalents | ¥64665000000 | ¥73340000000 | +13.4% |

### 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 |
| --- | ---: |
| コンポーネントソリューション事業 → コンポーネントソリューション事業 | 25.8% |
| コンポーネントソリューション事業 → 事業再編・廃止 | 13.6% |
| トランスポートソリューション事業 → トランスポートソリューション事業 | 28.0% |
| アクセシビリティソリューション事業 → アクセシビリティソリューション事業 | 26.4% |
| その他 → その他 | 5.7% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → トランスポートソリューション事業 | 4.7% |
| 新設・再編 → アクセシビリティソリューション事業 | 9.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Accessibility Solutions | 5 years | +8.5% | ¥110668000000 | 8.2% | 2 |
| Transport Solutions | 5 years | +5.2% | ¥100473000000 | 13.5% | 2 |
| Component Solutions | 5 years | -6.3% | ¥79325000000 | 6.8% | 2 |
| Other | 5 years | -0.3% | ¥17445000000 | 12.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 307,912 | 100.0% | S100XTOY |
| Cost of revenue | 214,131 | 69.5% | S100XTOY |
| Gross profit | 93,781 | 30.5% | S100XTOY |
| SG&A | 71,964 | 23.4% | S100XTOY |
| Operating income | 20,726 | 6.7% | S100XTOY |
| Pretax income | 21,656 | 7.0% | S100XTOY |
| Net income | 17,625 | 5.7% | S100XTOY |
| Net income attributable to owners | 15,695 | 5.1% | S100XTOY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 23 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.5% → Operating margin 6.7% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.8%; Core profit growth: +60.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.16×
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 | 280,458 | 307,912 | 27,454 | +9.8% |
| Gross profit | 81,761 | 93,781 | 12,020 | +14.7% |
| Operating income | 12,933 | 20,726 | 7,793 | +60.3% |
| Net income attributable to owners | 10,119 | 15,695 | 5,576 | +55.1% |
| Operating cash flow | 26,650 | 32,824 | 6,174 | +23.2% |
| Free cash flow | -1,701 | 16,809 | 18,510 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 244,968 | — | — | 18,606 | 27,730 | — | S100L0CW |
| FY ending Dec 2017 | 282,422 | — | — | 25,146 | 23,071 | — | S100NQHD |
| FY ending Dec 2018 | 294,626 | — | — | 21,029 | 24,165 | — | S100QFZK |
| FY ending Dec 2019 | 289,808 | 25,320 | 8.7% | 17,931 | 38,433 | 23,670 | S100L0CW |
| FY ending Dec 2020 | 279,358 | 28,533 | 10.2% | 20,505 | 34,203 | 15,506 | S100NQHD |
| FY ending Dec 2021 | 299,802 | 30,017 | 10.0% | 64,818 | 36,340 | 27,041 | S100QFZK |
| FY ending Dec 2022 | 308,691 | 18,097 | 5.9% | 9,464 | 7,717 | -3,651 | S100T4RD |
| FY ending Dec 2023 | 333,631 | 17,376 | 5.2% | 14,554 | 11,177 | -14,422 | S100VGQU |
| FY ending Dec 2024 | 280,458 | 12,933 | 4.6% | 10,119 | 26,650 | -1,701 | S100XTOY |
| FY ending Dec 2025 | 307,912 | 20,726 | 6.7% | 15,695 | 32,824 | 16,809 | S100XTOY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.3M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 7,844 | 7,928 | 8,158 | 8,227 | 8,472 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 42.5 years | 42.6 years | 42.4 years | 42.4 years | 42.6 years |
| Average tenure (parent company) | 17.2 years | 17.3 years | 17.0 years | 17.1 years | 16.9 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +9.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Component Solutions | 79,325 | 25.8% | 5,420 | 6.8% |
| Transport Solutions | 100,473 | 32.6% | 13,586 | 13.5% |
| Accessibility Solutions | 110,668 | 35.9% | 9,085 | 8.2% |
| Other | 17,445 | 5.7% | 2,194 | 12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Component Solutions | 25.8% | 17.9% | -7.9 | 6.8% |
| Transport Solutions | 32.6% | 44.9% | 12.2 | 13.5% |
| Accessibility Solutions | 35.9% | 30.0% | -5.9 | 8.2% |
| Other | 5.7% | 7.2% | 1.6 | 12.6% |

Segment → industry: Component Solutions → Robots & Factory Automation / Transport Solutions → Electrical Equipment / Transport Solutions → Aerospace / Other → Industrial Machinery / Accessibility Solutions → Industrial Machinery / Component Solutions → Construction & Farm 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 | 32,824 | 10.7% | S100XTOY |
| Capital expenditure | 16,015 | 5.2% | S100XTOY |
| Free cash flow | 16,809 | 5.5% | 算出 |
| Investing cash flow | -15,725 | -5.1% | S100XTOY |
| Financing cash flow | -13,559 | -4.4% | S100XTOY |
| Dividends paid | 9,648 | 3.1% | S100XTOY |
| Share buyback | 10,065 | 3.3% | S100XTOY |
| Change in cash | 5,138 | 1.7% | S100XTOY |
| Cash and equivalents | 73,340 | 23.8% | S100XTOY |

## 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 | 112,771 | 124,413 | 77,835 | 74,476 | 73,340 | S100T4RD, S100VGQU, S100XTOY |
| Total assets | 481,718 | 459,293 | 422,065 | 445,544 | 463,991 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Net assets | 254,995 | 263,228 | 275,894 | 287,278 | 288,834 | S100T4RD, S100VGQU, S100XTOY |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Property, plant and equipment | 89,020 | 96,082 | 107,527 | 114,340 | 101,683 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Goodwill | 16,184 | 17,899 | 25,750 | 26,259 | 25,817 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Current assets | 288,900 | 295,524 | 220,847 | 229,083 | 256,426 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Total liabilities | 226,723 | 196,064 | 146,171 | 158,267 | 175,157 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Equity attributable to owners of parent | 239,910 | 248,696 | 260,470 | 270,093 | 271,932 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Retained earnings | 214,791 | 215,670 | 220,495 | 223,333 | 217,946 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |
| Treasury stock | -4,784 | -4,646 | -3,943 | -3,638 | -3,008 | S100QFZK, S100T4RD, S100VGQU, S100XTOY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XTOY |
| Property, plant and equipment | 22% | S100XTOY |
| Intangibles and goodwill | 5% | — |
| Other assets | 57% | S100XTOY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XTOY |
| Equity | 62% | S100XTOY |

### 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 | 481,718 | 459,293 | 422,065 | 445,544 | 463,991 |
| Equity | 254,995 | 263,228 | 275,894 | 287,278 | 288,834 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 112,771 | 124,413 | 77,835 | 74,476 | 73,340 |

## 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) | 33.0% | S100XTOY |
| Fixed assets ÷ total assets | 21.9% | S100XTOY |
| Goodwill ÷ parent equity | 9.5% | S100XTOY |

Goodwill over 4 years: 16,184 → 25,817 JPY; total investing cash flow: -10,375 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) | 15.8% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.4% |
| Cash vs. profit gap | 17,129 JPY mn (of net income 109.1%) |
| Shareholder returns / net income | 125.6% |
| Shareholder returns / FCF | 117.3% |
| Shareholder payments — dividends / net income | 61.5% |
| Shareholder payments — dividends / FCF | 57.4% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 47.9% |

## 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 | 21.6% | 0.62× | 13.5% | 2.01× | 27.0% | S100QFZK |
| 2022 | 3.1% | 0.66× | 2.0% | 1.93× | 3.9% | S100T4RD |
| 2023 | 4.4% | 0.76× | 3.3% | 1.73× | 5.7% | S100VGQU |
| 2024 | 3.6% | 0.65× | 2.3% | 1.64× | 3.8% | S100XTOY |
| 2025 | 5.1% | 0.68× | 3.5% | 1.68× | 5.8% | S100XTOY |

## 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 | 16.9% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 9.5% | 2025-12-31 |
| 東海旅客鉄道株式会社 | Major shareholder | 4.4% | 2025-12-31 |
| ファナック株式会社 | Major shareholder | 3.2% | 2025-12-31 |
| BBH (LUX) FOR FIDELITY FUNDS-GLOBAL TECHNOLOGY POOL(常任代理人)株式会社三菱UFJ銀行 | Major shareholder | 3.0% | 2025-12-31 |
| BNYM AS AGT／CLTS NON TREATY JASDEC(常任代理人)株式会社三菱UFJ銀行 | Major shareholder | 3.0% | 2025-12-31 |
| BNYM AS AGT／CLTS 10 PERCENT (常任代理人)株式会社三菱UFJ銀行 | Major shareholder | 2.4% | 2025-12-31 |
| BNYMSANV AS AGENT／CLIENTS LUX UCITS NON TREATY １ (常任代理人)株式会社三菱UFJ銀行 | Major shareholder | 2.2% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人)ゴールドマン・サックス証券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人)株式会社みずほ銀行 | Major shareholder | 1.4% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥307.9B, up +9.8% from ¥280.5B the year before.
- Operating income climbed +60.3% from ¥12.9B to ¥20.7B, and net income attributable to owners rose +55.1% from ¥10.1B to ¥15.7B.
- Operating cash flow grew to ¥32.8B, and free cash flow turned positive at ¥16.8B after -¥1.7B in the prior year.

### Drivers

- Demand rose across the main businesses. Sales of precision reduction gears for robots increased as long-running excess robot inventories returned to normal levels
- Rail and marine equipment benefited from strong demand for new vehicles and ships as well as maintenance work, and aircraft equipment grew on higher defense spending and civil aircraft demand
- The "Project 10" profitability program lifted earnings, while a loss on restructuring a rail equipment affiliate and a goodwill impairment related to Deep Sea weighed on them

### Risks

- Results depend on business cycles and capital spending in autos, rail, construction and industrial machinery, and on exchange rates
- With operations across Asia, North America and Europe, conflicts, political shifts and sudden rule changes can hit its markets
- If acquired companies fall short of expectations, the company may have to book goodwill impairments

Cited: Annual Securities Report, 23rd fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 23rd fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XTOY | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTOY,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VGQU | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGQU,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T4RD | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4RD,, |
| 有価証券報告書－第20期(2022/01/01－2022/12/31) | S100QFZK | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZK,, |
| 有価証券報告書－第19期(令和3年1月1日－令和3年12月31日) | S100NQHD | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQHD,, |
| 有価証券報告書－第18期(令和2年1月1日－令和2年12月31日) | S100L0CW | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0CW,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| パーカーハネフィン社 | Co-development | パーカーハネフィンから航空機搭載装備品の技術を導入 | S100XTOY |
| Comer Industries S.p.A. | Joint venture | 油圧機器事業の新会社コムテスコの70%をComerへ譲渡し共同保有 | S100XTOY |

## 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).