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

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/05/01－2026/04/30) (S100YSCT)
> Page: https://vizora.meequs.com/en/company/nadex
> Retrieved: 2026-09-30T18:12:55.315Z

## Company

Nadex, founded in 1950, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 731 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NADEX CO., LTD. |
| Ticker | 7435 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7435.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区古渡町9番27号 |
| Representative (per filing) | 代表取締役社長 進藤大資 |
| Founded | Oct 1950 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 731 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | April |
| Website | www.nadex.co.jp (https://www.nadex.co.jp/) |
| Corporate number | 5180001039239 |
| EDINET | E02011 |
| Industries (Vizora) | Specialty Trading & Wholesale, Robots & Factory Automation |

> Profile source: annual securities report (S100YSCT, filed 2026-07-27). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 33 |
| Profitability | 10.3 | 34 |
| Cash conversion | 92.2 | 32 |
| Efficiency | 98.6 | 35 |

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 71% of Nadex's sales come from Japan, with North america and Southeast asia making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit +46.7%.

## Company structure

- Segment revenue mix: Japan 70.9%、North america 18.5%、Southeast asia 7.1%、China 3.5%
- Revenue → net income: ¥36838193000 → ¥762926000
- Net income → operating cash flow: ¥762926000 → ¥2772527000（difference ¥2009601000）
- Main uses of operating cash flow: CapEx ¥826073000 / dividends ¥286543000 / buybacks ¥386647000
- Change in cash: ¥1132834000
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 | ¥36.8B |  |
| Operating income | ¥1.12B | Margin 3.0% |
| Net income | ¥659.7M | Margin 1.8% |
| Free cash flow | ¥1.95B |  |
| Largest business | Japan | of segment revenue 70.9% |
| Employees (consolidated) | 731 |  |
| EPS | ¥77.46 |  |
| Book value per share | ¥1847.36 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 8,800,500 |  |
| Treasury shares | 429,000 |  |
| Shareholders | 4,514 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | +0.2 pp | Specialty Trading & Wholesale |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.2× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30735823000 | ¥36838193000 | +19.9% |
| Operating income | ¥627268000 | ¥1119195000 | +78.4% |
| Operating margin | 2.0% | 3.0% | +1 pp |
| Employees | 789 people | 731 people | -7.4% |
| Cash and equivalents | ¥5194303000 | ¥4759897000 | -8.4% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 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 | 70.9% |
| 日本 → 事業再編・廃止 | 7.1% |
| 北米 → 北米 | 10.7% |
| 中国 → 中国 | 3.5% |
| 中国 → 事業再編・廃止 | 4.7% |
| 東南アジア → 東南アジア | 3.1% |
| 新設・再編 → 北米 | 7.8% |
| 新設・再編 → 東南アジア | 4.0% |

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 | +1.7% | ¥26128824000 | 3.1% | 2 |
| North america | 5 years | +15.7% | ¥6802034000 | 2.2% | 2 |
| Southeast asia | 5 years | +22.6% | ¥2617501000 | 6.8% | 2 |
| China | 5 years | -12.5% | ¥1289833000 | -4.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,838 | 100.0% | S100YSCT |
| Cost of revenue | 29,562 | 80.2% | S100YSCT |
| Gross profit | 7,276 | 19.8% | S100YSCT |
| SG&A | 6,157 | 16.7% | S100YSCT |
| Operating income | 1,119 | 3.0% | S100YSCT |
| Ordinary income | 1,271 | 3.4% | S100YSCT |
| Pretax income | 1,293 | 3.5% | S100YSCT |
| Income tax | 530 | 1.4% | S100YSCT |
| Net income | 763 | 2.1% | S100YSCT |
| Net income attributable to owners | 660 | 1.8% | S100YSCT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.8% → Operating margin 3.0% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.1%; Core profit growth: +46.7%
Operating leverage (core profit growth ÷ revenue growth): -327.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,891 | 36,838 | -53 | -0.1% |
| Gross profit | 6,907 | 7,276 | 369 | +5.3% |
| Operating income | 763 | 1,119 | 356 | +46.7% |
| Net income attributable to owners | 252 | 660 | 408 | +162.0% |
| Operating cash flow | 2,028 | 2,773 | 745 | +36.7% |
| Free cash flow | 1,436 | 1,946 | 510 | +35.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 31,379 | 934 | 3.0% | 574 | 972 | 455 | S100M1N8 |
| FY ending Apr 2021 | 30,736 | 627 | 2.0% | 560 | 1,480 | 1,248 | S100OSIL |
| FY ending Apr 2022 | 34,612 | 1,176 | 3.4% | 1,005 | 921 | 359 | S100RGO4 |
| FY ending Apr 2023 | 36,163 | 1,956 | 5.4% | 1,315 | 730 | 462 | S100V91M |
| FY ending Apr 2024 | 34,389 | 962 | 2.8% | 814 | 42 | -191 | S100WEWJ |
| FY ending Apr 2025 | 36,891 | 763 | 2.1% | 252 | 2,028 | 1,436 | S100YSCT |
| FY ending Apr 2026 | 36,838 | 1,119 | 3.0% | 660 | 2,773 | 1,946 | S100YSCT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.4M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥902.5K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 797 | 771 | 835 | 837 | 731 |
| Average salary (parent company) | ¥5.3M | ¥5.9M | ¥5.7M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 41.7 years | 40.7 years | 41.6 years | 42.4 years | 41.3 years |
| Average tenure (parent company) | 11.7 years | 11.8 years | 11.2 years | 11.7 years | 10.9 years |

Year over year: Employees (consolidated) -12.7% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26,129 | 70.9% | 821 | 3.1% |
| North america | 6,802 | 18.5% | 148 | 2.2% |
| China | 1,290 | 3.5% | -58 | -4.5% |
| Southeast asia | 2,618 | 7.1% | 179 | 6.8% |

### 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 | 70.9% | 71.5% | 0.6 | 3.1% |
| North america | 18.5% | 12.9% | -5.5 | 2.2% |
| China | 3.5% | — | — | -4.5% |
| Southeast asia | 7.1% | 15.6% | 8.5 | 6.8% |

Loss-making segment (excluded from profit shares): China -58 JPY mn

Segment → industry: Japan → Specialty Trading & Wholesale / Japan → Robots & Factory Automation / North america → Specialty Trading & Wholesale / North america → Robots & Factory Automation / China → Specialty Trading & Wholesale / China → Robots & Factory Automation / Southeast asia → Specialty Trading & Wholesale / Southeast asia → Robots & Factory Automation

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,773 | 7.5% | S100YSCT |
| Capital expenditure | 826 | 2.2% | S100YSCT |
| Free cash flow | 1,946 | 5.3% | 算出 |
| Investing cash flow | -763 | -2.1% | S100YSCT |
| Financing cash flow | -977 | -2.7% | S100YSCT |
| Dividends paid | 287 | 0.8% | S100YSCT |
| Share buyback | 387 | 1.0% | S100YSCT |
| Change in cash | 1,133 | 3.1% | S100YSCT |
| Cash and equivalents | 4,760 | 12.9% | S100YSCT |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,870 | 5,074 | 4,480 | 3,627 | 4,760 | S100V91M, S100WEWJ, S100YSCT |
| Total assets | 29,941 | 29,907 | 31,287 | 30,783 | 32,022 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Net assets | 17,336 | 18,812 | 19,449 | 18,937 | 20,596 | S100V91M, S100WEWJ, S100YSCT |
| Share capital | 1,028 | 1,028 | 1,028 | 1,028 | 1,028 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Property, plant and equipment | 4,660 | 4,288 | 4,596 | 4,413 | 4,306 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Intangible assets excluding goodwill | 2,126 | 1,636 | 1,367 | 1,546 | 1,521 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Goodwill | 1,265 | 840 | 716 | 821 | 664 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Investment securities | 1,712 | 1,870 | 2,261 | 2,336 | 4,238 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Current assets | 21,046 | 21,663 | 22,536 | 21,768 | 21,037 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Current liabilities | 10,616 | 9,667 | 10,593 | 10,955 | 10,138 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Trade payables | 3,350 | 3,133 | 3,577 | 3,069 | 3,726 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Short-term borrowings | — | 53 | 1,000 | 100 | — | S100V91M, S100WEWJ, S100YSCT |
| Long-term borrowings | 921 | 408 | 168 | 38 | 18 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Total liabilities | 12,534 | 11,095 | 11,838 | 11,846 | 11,426 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Non-controlling interests | 108 | 127 | 140 | 321 | 444 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Equity attributable to owners of parent | 16,076 | 16,992 | 16,722 | 16,281 | 16,278 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Retained earnings | 14,479 | 15,379 | 15,300 | 15,243 | 15,368 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |
| Treasury stock | -196 | -183 | -356 | -744 | -867 | S100RGO4, S100V91M, S100WEWJ, S100YSCT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YSCT |
| Property, plant and equipment | 13% | S100YSCT |
| Intangibles and goodwill | 7% | S100YSCT |
| Investment securities | 13% | S100YSCT |
| Other assets | 52% | S100YSCT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YSCT |
| Other liabilities | 24% | S100YSCT |
| Equity | 64% | S100YSCT |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,941 | 29,907 | 31,287 | 30,783 | 32,022 |
| Equity | 17,336 | 18,812 | 19,449 | 18,937 | 20,596 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,870 | 5,074 | 4,480 | 3,627 | 4,760 |

## 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) | 11.7% | S100YSCT |
| Fixed assets ÷ total assets | 13.4% | S100YSCT |
| Goodwill ÷ parent equity | 4.1% | S100YSCT |

Goodwill over 4 years: 1,265 → 664 JPY; total investing cash flow: -3,156 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) | 14.9% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 247.7% |
| Cash vs. profit gap | 2,113 JPY mn (of net income 320.3%) |
| Shareholder returns / net income | 102.0% |
| Shareholder returns / FCF | 34.6% |
| Shareholder payments — dividends / net income | 43.4% |
| Shareholder payments — dividends / FCF | 14.7% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 27.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.9% | 1.16× | 3.4% | 1.86× | 6.3% | S100RGO4 |
| 2023 | 3.6% | 1.21× | 4.4% | 1.81× | 8.0% | S100V91M |
| 2024 | 2.4% | 1.12× | 2.7% | 1.82× | 4.8% | S100WEWJ |
| 2025 | 0.7% | 1.19× | 0.8% | 1.88× | 1.5% | S100YSCT |
| 2026 | 1.8% | 1.17× | 2.1% | 1.93× | 4.1% | S100YSCT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アート・ギャラリー富士見 | Major shareholder | 20.1% | 2026-04-30 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 8.0% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社(株式付与ESOP信託口・80022口) | Major shareholder | 5.1% | 2026-04-30 |
| ナ・デックス社員持株会 | Major shareholder | 2.9% | 2026-04-30 |
| 古 川 雅 隆 | Major shareholder | 2.8% | 2026-04-30 |
| 古 川 佳 明 | Major shareholder | 2.6% | 2026-04-30 |
| 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 | 2.5% | 2026-04-30 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-04-30 |
| 中 山 美和子(国内連絡先) | Major shareholder | 1.7% | 2026-04-30 |
| BBH FOR FIDELITY TRUST EMPLOYEE BENEFIT PLANS LOW PRICED STOCK POOL(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.5% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/05/01－2026/04/30) | S100YSCT | 2026-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSCT,, |
| 有価証券報告書－第75期(2024/05/01－2025/04/30) | S100WEWJ | 2025-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEWJ,, |
| 訂正有価証券報告書－第74期(2023/05/01－2024/04/30) | S100V91M | 2025-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V91M,, |
| 有価証券報告書－第73期(2022/05/01－2023/04/30) | S100RGO4 | 2023-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGO4,, |
| 有価証券報告書－第72期(令和3年5月1日－令和4年4月30日) | S100OSIL | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSIL,, |
| 有価証券報告書－第71期(令和2年5月1日－令和3年4月30日) | S100M1N8 | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1N8,, |

## 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).