# NACHI-FUJIKOSHI CORP.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第143期(2024/12/01－2025/11/30) (S100XMRN)
> Page: https://vizora.meequs.com/en/company/nachi-fujikoshi
> Retrieved: 2026-09-30T21:18:29.287Z

## Company

Nachi-Fujikoshi, founded in 1928, is a company in Robots & Factory Automation listed on TSE Prime. It has 6,532 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NACHI-FUJIKOSHI CORP. |
| Ticker | 6474 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6474.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番2号(汐留住友ビル) (上記は登記上の本店所在地であり、実際の経理業務は主に下記の場所で行っております。) 富山県富山市不二越本町一丁目1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 黒澤 勉 |
| Founded | Dec 1928 |
| Share capital | ¥16.1B |
| Employees (consolidated) | 6,532 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | November |
| Website | www.nachi-fujikoshi.co.jp (https://www.nachi-fujikoshi.co.jp/) |
| Corporate number | 4230001002687 |
| EDINET | E01603 |
| Industries (Vizora) | Robots & Factory Automation, Machine Tools, Industrial Machinery |

> Profile source: annual securities report (S100XMRN, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 110 |
| Profitability | 20.9 | 122 |
| Cash conversion | 75.4 | 116 |
| Efficiency | 48 | 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 67% of Nachi-Fujikoshi's sales come from Components, with Machining making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit +47.3%.

## Company structure

- Segment revenue mix: Components 66.7%、Machining 33.3%
- Revenue → net income: ¥235903000000 → ¥5187000000
- Net income → operating cash flow: ¥5187000000 → ¥17938000000（difference ¥12751000000）
- Main uses of operating cash flow: CapEx ¥9064000000 / dividends ¥2302000000 / buybacks ¥3686000000
- Change in cash: ¥-2400000000
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 | ¥235.9B |  |
| Operating income | ¥9.77B | Margin 4.1% |
| Net income | ¥5.25B | Margin 2.2% |
| Free cash flow | ¥8.87B |  |
| Largest business | Components | of segment revenue 66.7% |
| Employees (consolidated) | 6,532 |  |
| EPS | ¥396.25 |  |
| Book value per share | ¥4509.74 |  |
| Equity ratio | 51.5% |  |
| Shares outstanding | 24,919,000 |  |
| Treasury shares | 2,911,200 |  |
| Shareholders | 11,461 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -3.4 pp | Industrial Machinery |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.4× net income
- FY2025, buybacks were 1.6× dividends
- FY2025, employees -6% while operating income rose 47%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥201055000000 | ¥235903000000 | +17.3% |
| Operating income | ¥6850000000 | ¥9773000000 | +42.7% |
| Operating margin | 3.4% | 4.1% | +0.7 pp |
| Employees | 7,242 people | 6,532 people | -9.8% |
| Cash and equivalents | ¥38936000000 | ¥29357000000 | -24.6% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 機械工具 → 機械工具 | 33.3% |
| 機械工具 → 事業再編・廃止 | 2.6% |
| 部品 → 部品 | 64.1% |
| 新設・再編 → 部品 | 2.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 235,903 | 100.0% | S100XMRN |
| Cost of revenue | 182,954 | 77.6% | S100XMRN |
| Gross profit | 52,949 | 22.4% | S100XMRN |
| SG&A | 43,176 | 18.3% | S100XMRN |
| Operating income | 9,773 | 4.1% | S100XMRN |
| Ordinary income | 8,370 | 3.5% | S100XMRN |
| Pretax income | 8,112 | 3.4% | S100XMRN |
| Income tax | 2,924 | 1.2% | S100XMRN |
| Net income | 5,187 | 2.2% | S100XMRN |
| Net income attributable to owners | 5,250 | 2.2% | S100XMRN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.4% → Operating margin 4.1% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.7%; Core profit growth: +47.3%
Operating leverage (core profit growth ÷ revenue growth): -28.43×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 239,892 | 235,903 | -3,989 | -1.7% |
| Gross profit | 50,259 | 52,949 | 2,690 | +5.4% |
| Operating income | 6,636 | 9,773 | 3,137 | +47.3% |
| Net income attributable to owners | 3,351 | 5,250 | 1,899 | +56.7% |
| Operating cash flow | 31,458 | 17,938 | -13,520 | -43.0% |
| Free cash flow | 18,640 | 8,874 | -9,766 | -52.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 249,077 | 13,348 | 5.4% | 8,245 | 24,226 | 1,266 | S100KU81 |
| FY ending Nov 2020 | 201,055 | 6,850 | 3.4% | 2,458 | 19,258 | 5,316 | S100NIYF |
| FY ending Nov 2021 | 229,117 | 14,718 | 6.4% | 9,993 | 33,080 | 18,558 | S100QAO6 |
| FY ending Nov 2022 | 258,097 | 17,025 | 6.6% | 12,237 | 11,212 | -9,800 | S100SY28 |
| FY ending Nov 2023 | 265,464 | 11,873 | 4.5% | 6,469 | 12,030 | -5,651 | S100VB0C |
| FY ending Nov 2024 | 239,892 | 6,636 | 2.8% | 3,351 | 31,458 | 18,640 | S100XMRN |
| FY ending Nov 2025 | 235,903 | 9,773 | 4.1% | 5,250 | 17,938 | 8,874 | S100XMRN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.1M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥803.7K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,205 | 7,259 | 7,204 | 6,943 | 6,532 |
| Average salary (parent company) | ¥6.3M | ¥6.7M | ¥6.6M | ¥6.1M | ¥6.8M |
| Average age (parent company) | 39.8 years | 39.8 years | 39.8 years | 39.8 years | 40.3 years |
| Average tenure (parent company) | 15.2 years | 15.2 years | 15.3 years | 15.3 years | 15.8 years |

Year over year: Employees (consolidated) -5.9% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machining | 73,407 | 33.3% | 4,279 | 5.8% |
| Components | 147,255 | 66.7% | 4,998 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machining | 33.3% | 46.1% | 12.9 | 5.8% |
| Components | 66.7% | 53.9% | -12.9 | 3.4% |

Segment → industry: Machining → Robots & Factory Automation / Machining → Machine Tools / Components → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17,938 | 7.6% | S100XMRN |
| Capital expenditure | 9,064 | 3.8% | S100XMRN |
| Free cash flow | 8,874 | 3.8% | 算出 |
| Investing cash flow | -5,286 | -2.2% | S100XMRN |
| Financing cash flow | -15,915 | -6.7% | S100XMRN |
| Dividends paid | 2,302 | 1.0% | S100XMRN |
| Share buyback | 3,686 | 1.6% | S100XMRN |
| Change in cash | -2,400 | -1.0% | S100XMRN |
| Cash and equivalents | 29,357 | 12.4% | S100XMRN |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 40,374 | 34,754 | 32,824 | 31,758 | 29,357 | S100SY28, S100VB0C, S100XMRN |
| Total assets | 319,312 | 357,457 | 370,324 | 334,757 | 331,295 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Net assets | 138,211 | 156,367 | 169,520 | 164,665 | 174,250 | S100SY28, S100VB0C, S100XMRN |
| Share capital | 16,074 | 16,074 | 16,074 | 16,074 | 16,074 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Trade receivables | 55,100 | — | — | — | — | S100QAO6 |
| Property, plant and equipment | 114,260 | 123,508 | 127,620 | 115,563 | 108,875 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Intangible assets excluding goodwill | 2,861 | 3,497 | 3,672 | 4,282 | 4,025 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Goodwill | 76 | — | — | — | — | S100QAO6 |
| Investment securities | 27,777 | 28,357 | 34,124 | 27,102 | 29,619 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Current assets | 159,258 | 187,363 | 189,406 | 170,438 | 168,690 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Current liabilities | 103,344 | 125,072 | 119,569 | 93,848 | 80,696 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Trade payables | 47,826 | 24,967 | 19,094 | 15,396 | 15,478 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Short-term borrowings | 7,347 | 18,152 | 23,063 | 8,824 | 5,712 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Long-term borrowings | 56,266 | 53,703 | 54,578 | 52,853 | 51,987 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Total liabilities | 181,100 | 201,090 | 200,804 | 170,091 | 157,044 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Non-controlling interests | 8,107 | 7,460 | 6,804 | 5,831 | 3,652 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Equity attributable to owners of parent | 119,427 | 128,349 | 131,395 | 130,628 | 131,701 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Retained earnings | 96,875 | 106,758 | 110,593 | 111,352 | 114,300 | S100QAO6, S100SY28, S100VB0C, S100XMRN |
| Treasury stock | -4,924 | -5,892 | -6,681 | -8,343 | -12,021 | S100QAO6, S100SY28, S100VB0C, S100XMRN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XMRN |
| Property, plant and equipment | 33% | S100XMRN |
| Intangibles and goodwill | 1% | S100XMRN |
| Investment securities | 9% | S100XMRN |
| Other assets | 48% | S100XMRN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XMRN |
| Other liabilities | 43% | S100XMRN |
| Equity | 52% | S100XMRN |
| Other liabilities | 0% | S100XMRN |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 319,312 | 357,457 | 370,324 | 334,757 | 331,295 |
| Equity | 138,211 | 156,367 | 169,520 | 164,665 | 174,250 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 40,374 | 34,754 | 32,824 | 31,758 | 29,357 |

## 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) | 46.2% | S100XMRN |
| Fixed assets ÷ total assets | 32.9% | S100XMRN |
| Goodwill ÷ parent equity | — | —, S100XMRN |

### 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) | 8.9% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 183.5% |
| Cash vs. profit gap | 12,688 JPY mn (of net income 241.7%) |
| Shareholder returns / net income | 114.1% |
| Shareholder returns / FCF | 67.5% |
| Shareholder payments — dividends / net income | 43.8% |
| Shareholder payments — dividends / FCF | 25.9% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 29.5% |

## 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 | 4.4% | 0.72× | 3.1% | 2.67× | 8.4% | S100QAO6 |
| 2022 | 4.7% | 0.76× | 3.6% | 2.73× | 9.9% | S100SY28 |
| 2023 | 2.4% | 0.73× | 1.8% | 2.80× | 5.0% | S100VB0C |
| 2024 | 1.4% | 0.68× | 1.0% | 2.69× | 2.6% | S100XMRN |
| 2025 | 2.2% | 0.71× | 1.6% | 2.54× | 4.0% | S100XMRN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 那智わねい持株会 | Major shareholder | 12.7% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.7% | 2025-11-30 |
| ナチ不二越従業員持株会 | Major shareholder | 6.0% | 2025-11-30 |
| ナチ取引店持株会 | Major shareholder | 4.5% | 2025-11-30 |
| 日本生命保険相互会社 | Major shareholder | 3.6% | 2025-11-30 |
| 住友生命保険相互会社 | Major shareholder | 3.4% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2025-11-30 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2025-11-30 |
| 株式会社北陸銀行 | Major shareholder | 2.6% | 2025-11-30 |
| 岡谷鋼機株式会社 | Major shareholder | 2.2% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第143期(2024/12/01－2025/11/30) | S100XMRN | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMRN,, |
| 有価証券報告書－第142期(2023/12/01－2024/11/30) | S100VB0C | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB0C,, |
| 有価証券報告書－第141期(2022/12/01－2023/11/30) | S100SY28 | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY28,, |
| 有価証券報告書－第140期(2021/12/01－2022/11/30) | S100QAO6 | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAO6,, |
| 有価証券報告書－第139期(令和2年12月1日－令和3年11月30日) | S100NIYF | 2022-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NIYF,, |
| 有価証券報告書－第138期(令和1年12月1日－令和2年11月30日) | S100KU81 | 2021-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KU81,, |

## 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).