# NAGAOKA INTERNATIONAL CORPORATION: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/07/01－2026/06/30) (S100Z3CO)
> Page: https://vizora.meequs.com/en/company/nagaoka-international
> Retrieved: 2026-09-30T22:27:43.270Z

## Company

Nagaoka International, founded in 2004, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAGAOKA INTERNATIONAL CORPORATION |
| Ticker | 6239 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6239.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区安土町1丁目8番15号 |
| Representative (per filing) | 代表取締役社長 梅津 泰久 |
| Founded | Nov 2004 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | June |
| Website | www.nagaokajapan.co.jp (https://www.nagaokajapan.co.jp/) |
| Corporate number | 5120101043534 |
| EDINET | E31575 |
| Industries (Vizora) | Plant Engineering & Building Services, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100Z3CO, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.7 | 110 |
| Profitability | 42.2 | 122 |
| Cash conversion | 67.7 | 116 |
| Efficiency | 52 | 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 60% of Nagaoka International's sales come from Energy, with Water making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -16.2% from the prior year, operating profit -67.1%.

## Company structure

- Segment revenue mix: Energy 60.4%、Water 39.6%
- Revenue → net income: ¥7468151000 → ¥327971000
- Net income → operating cash flow: ¥327971000 → ¥756705000（difference ¥428734000）
- Main uses of operating cash flow: CapEx ¥65757000 / dividends ¥244145000 / buybacks ¥95806000
- Change in cash: ¥659898000
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 | ¥7.47B |  |
| Operating income | ¥499.5M | Margin 6.7% |
| Net income | ¥328M | Margin 4.4% |
| Free cash flow | ¥690.9M |  |
| Largest business | Energy | of segment revenue 60.4% |
| Employees (consolidated) | 227 |  |
| EPS | ¥16.77 |  |
| Book value per share | ¥799.5 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 7,078,400 |  |
| Treasury shares | 142,800 |  |
| Shareholders | 1,960 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 29.4% | Cash ÷ revenue 41.3% |
| Vs. industry median margin | -0.9 pp | Industrial Machinery |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6263111000 | ¥7468151000 | +19.2% |
| Operating income | ¥809536000 | ¥499530000 | -38.3% |
| Operating margin | 12.9% | 6.7% | -6.2 pp |
| Employees | 184 people | 227 people | +23.4% |
| Cash and equivalents | ¥1584985000 | ¥3087552000 | +94.8% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エネルギー関連 → エネルギー関連 | 60.4% |
| エネルギー関連 → 事業再編・廃止 | 24.1% |
| 水関連 → 水関連 | 15.5% |
| 新設・再編 → 水関連 | 24.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,468 | 100.0% | S100Z3CO |
| Cost of revenue | 4,690 | 62.8% | S100Z3CO |
| Gross profit | 2,779 | 37.2% | S100Z3CO |
| SG&A | 2,279 | 30.5% | S100Z3CO |
| Operating income | 500 | 6.7% | S100Z3CO |
| Ordinary income | 573 | 7.7% | S100Z3CO |
| Pretax income | 628 | 8.4% | S100Z3CO |
| Income tax | 300 | 4.0% | S100Z3CO |
| Net income | 328 | 4.4% | S100Z3CO |
| Net income attributable to owners | 328 | 4.4% | S100Z3CO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 30 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 37.2% → Operating margin 6.7% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -16.2%; Core profit growth: -67.1%
Operating leverage (core profit growth ÷ revenue growth): 4.13×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,917 | 7,468 | -1,449 | -16.2% |
| Gross profit | 3,673 | 2,779 | -894 | -24.3% |
| Operating income | 1,520 | 500 | -1,020 | -67.1% |
| Net income attributable to owners | 970 | 328 | -642 | -66.2% |
| Operating cash flow | 515 | 757 | 242 | +46.9% |
| Free cash flow | 397 | 691 | 294 | +74.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 6,437 | 1,076 | 16.7% | 704 | 5 | -254 | S100MHMY |
| FY ending Jun 2021 | 6,263 | 810 | 12.9% | 678 | 1,694 | 1,552 | S100P87A |
| FY ending Jun 2022 | 6,328 | 787 | 12.4% | 795 | 152 | 70 | S100SG0J |
| FY ending Jun 2023 | 8,148 | 1,311 | 16.1% | 867 | 365 | 332 | S100UFMP |
| FY ending Jun 2024 | 9,505 | 1,682 | 17.7% | 1,151 | 2,296 | 2,246 | S100WQEO |
| FY ending Jun 2025 | 8,917 | 1,520 | 17.0% | 970 | 515 | 397 | S100Z3CO |
| FY ending Jun 2026 | 7,468 | 500 | 6.7% | 328 | 757 | 691 | S100Z3CO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 197 | 221 | 219 | 223 | 227 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥7.8M | ¥7.5M | ¥7.1M |
| Average age (parent company) | 45.0 years | 46.1 years | 44.7 years | 43.8 years | 43.1 years |
| Average tenure (parent company) | 8.3 years | 8.4 years | 7.7 years | 7.7 years | 7.7 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -16.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 4,513 | 60.4% | 928 | 20.6% |
| Water | 2,955 | 39.6% | 164 | 5.5% |
| Other | — | 0.0% | -593 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Energy | 85.0% | 20.6% |
| Water | 15.0% | 5.5% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -593 JPY mn

Segment → industry: Water → Plant Engineering & Building Services / Water → Waste Management & Recycling / Energy → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 757 | 10.1% | S100Z3CO |
| Capital expenditure | 66 | 0.9% | S100Z3CO |
| Free cash flow | 691 | 9.3% | 算出 |
| Investing cash flow | 91 | 1.2% | S100Z3CO |
| Financing cash flow | -302 | -4.0% | S100Z3CO |
| Dividends paid | 244 | 3.3% | S100Z3CO |
| Share buyback | 96 | 1.3% | S100Z3CO |
| Change in cash | 660 | 8.8% | S100Z3CO |
| Cash and equivalents | 3,088 | 41.3% | S100Z3CO |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,027 | 2,021 | 2,446 | 2,428 | 3,088 | S100UFMP, S100WQEO, S100Z3CO |
| Total assets | 7,422 | 8,887 | 10,253 | 10,024 | 10,514 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Net assets | 4,970 | 5,631 | 7,000 | 7,508 | 7,966 | S100UFMP, S100WQEO, S100Z3CO |
| Share capital | 1,253 | 1,253 | 1,253 | 1,253 | 1,253 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Property, plant and equipment | 1,259 | 1,162 | 1,198 | 1,097 | 1,136 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Intangible assets excluding goodwill | 352 | 334 | 329 | 270 | 301 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Goodwill | — | 19 | 14 | 10 | 5 | S100UFMP, S100WQEO, S100Z3CO |
| Investment securities | — | — | 121 | 152 | — | S100WQEO, S100Z3CO |
| Current assets | 5,712 | 7,202 | 7,670 | 7,701 | 8,373 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Current liabilities | 2,202 | 2,966 | 3,096 | 2,381 | 2,427 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Trade payables | 404 | 917 | 863 | 1,229 | 921 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Short-term borrowings | 929 | 954 | 119 | 156 | 253 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Long-term borrowings | 124 | 160 | 51 | 41 | 31 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Bonds | — | 20 | 10 | — | — | S100UFMP, S100WQEO |
| Interest-bearing debt | — | 1,134 | 179 | — | — | 算出 |
| Total liabilities | 2,452 | 3,256 | 3,253 | 2,516 | 2,548 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Equity attributable to owners of parent | 4,414 | 5,140 | 6,235 | 6,967 | 7,033 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Retained earnings | 2,395 | 3,122 | 4,110 | 4,843 | 4,927 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |
| Treasury stock | -20 | -20 | -103 | -103 | -148 | S100SG0J, S100UFMP, S100WQEO, S100Z3CO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Z3CO |
| Property, plant and equipment | 11% | S100Z3CO |
| Intangibles and goodwill | 3% | S100Z3CO |
| Other assets | 57% | S100Z3CO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100Z3CO |
| Other liabilities | 15% | S100Z3CO |
| Equity | 76% | S100Z3CO |
| Other liabilities | 0% | S100Z3CO |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,422 | 8,887 | 10,253 | 10,024 | 10,514 |
| Equity | 4,970 | 5,631 | 7,000 | 7,508 | 7,966 |
| Interest-bearing debt | — | 1,134 | 179 | — | — |
| Cash | 2,027 | 2,021 | 2,446 | 2,428 | 3,088 |

## 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) | 15.2% | S100Z3CO |
| Fixed assets ÷ total assets | 10.8% | S100Z3CO |
| Goodwill ÷ parent equity | 0.1% | S100Z3CO |

### 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) | 29.4% |
| Cash ÷ revenue | 41.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.5% |
| Cash vs. profit gap | 429 JPY mn (of net income 130.7%) |
| Shareholder returns / net income | 103.7% |
| Shareholder returns / FCF | 49.2% |
| Shareholder payments — dividends / net income | 74.4% |
| Shareholder payments — dividends / FCF | 35.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 12.0% |

## 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 | 12.6% | 0.85× | 10.7% | 1.68× | 18.0% | S100SG0J |
| 2023 | 10.6% | 1.00× | 10.6% | 1.71× | 18.2% | S100UFMP |
| 2024 | 12.1% | 0.99× | 12.0% | 1.68× | 20.2% | S100WQEO |
| 2025 | 10.9% | 0.88× | 9.6% | 1.54× | 14.7% | S100Z3CO |
| 2026 | 4.4% | 0.73× | 3.2% | 1.47× | 4.7% | S100Z3CO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ハマダグループ | Major shareholder | 52.9% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.1% | 2026-06-30 |
| 東海東京証券株式会社 | Major shareholder | 4.9% | 2026-06-30 |
| 梅津 泰久 | Major shareholder | 2.2% | 2026-06-30 |
| 三菱ＵＦＪeスマート証券株式会社 | Major shareholder | 1.9% | 2026-06-30 |
| 株式会社フラクタル・ビジネス | Major shareholder | 1.2% | 2026-06-30 |
| 楯本 智也 | Major shareholder | 1.0% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2026-06-30 |
| GMO Optical Investment株式会社 | Major shareholder | 0.8% | 2026-06-30 |
| 奥村 学 | Major shareholder | 0.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/07/01－2026/06/30) | S100Z3CO | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3CO,, |
| 有価証券報告書－第21期(2024/07/01－2025/06/30) | S100WQEO | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQEO,, |
| 有価証券報告書－第20期(2023/07/01－2024/06/30) | S100UFMP | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFMP,, |
| 訂正有価証券報告書－第19期(2022/07/01－2023/06/30) | S100SG0J | 2023-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SG0J,, |
| 有価証券報告書－第18期(令和3年7月1日－令和4年6月30日) | S100P87A | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P87A,, |
| 有価証券報告書－第17期(令和2年7月1日－令和3年6月30日) | S100MHMY | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHMY,, |

## 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).