# Naigai Tec Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/04/01－2026/03/31) (S100YH0J)
> Page: https://vizora.meequs.com/en/company/naigai-tec
> Retrieved: 2026-09-30T18:33:08.478Z

## Company

Naigai Tec, founded in 1961, is a company in Semiconductor Equipment listed on TSE Standard. It has 577 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Naigai Tec Corporation |
| Ticker | 3374 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3374.T) |
| Listing | TSE Standard |
| Head office | 東京都世田谷区三軒茶屋二丁目11番22号 |
| Representative (per filing) | 代表取締役社長 岩井田 克郎 |
| Founded | Jun 1961 |
| Share capital | ¥1.86B |
| Employees (consolidated) | 577 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.naigaitec.co.jp (https://www.naigaitec.co.jp/) |
| Corporate number | 6010901008705 |
| EDINET | E02986 |
| Industries (Vizora) | Semiconductor Equipment, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YH0J, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.4 | 179 |
| Profitability | 70 | 185 |
| Cash conversion | 50 | 179 |
| Efficiency | 34.9 | 185 |

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 86% of Naigai Tec's sales come from Selling, with Commissioned Manufacturing making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -7.7% from the prior year, operating profit -9.6%.

## Company structure

- Segment revenue mix: Selling 85.8%、Commissioned Manufacturing 14.2%
- Revenue → net income: ¥32614659000 → ¥971702000
- Net income → operating cash flow: ¥971702000 → ¥1401890000（difference ¥430188000）
- Main uses of operating cash flow: CapEx ¥81109000 / dividends ¥349866000 / buybacks ¥99000
- Change in cash: ¥852666000
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 | ¥32.6B |  |
| Operating income | ¥1.4B | Margin 4.3% |
| Net income | ¥971.7M | Margin 3.0% |
| Free cash flow | ¥1.32B |  |
| Largest business | Selling | of segment revenue 85.8% |
| Employees (consolidated) | 577 |  |
| EPS | ¥232.32 |  |
| Book value per share | ¥2936.27 |  |
| Equity ratio | 50.9% |  |
| Shares outstanding | 3,553,098 |  |
| Treasury shares | 54,400 |  |
| Shareholders | 2,944 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 34.3% | Cash ÷ revenue 26.4% |
| Vs. industry median margin | +1.4 pp | Specialty Trading & Wholesale |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 30 points
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26734645000 | ¥32614659000 | +22.0% |
| Operating income | ¥1049271000 | ¥1402937000 | +33.7% |
| Operating margin | 3.9% | 4.3% | +0.4 pp |
| Employees | 350 people | 577 people | +64.9% |
| Cash and equivalents | ¥9007388000 | ¥8609648000 | -4.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 販売事業 → 販売事業 | 85.8% |
| 販売事業 → 事業再編・廃止 | 3.2% |
| 受託製造事業 → 受託製造事業 | 11.0% |
| 新設・再編 → 受託製造事業 | 3.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,615 | 100.0% | S100YH0J |
| Cost of revenue | 28,174 | 86.4% | S100YH0J |
| Gross profit | 4,441 | 13.6% | S100YH0J |
| SG&A | 3,038 | 9.3% | S100YH0J |
| Operating income | 1,403 | 4.3% | S100YH0J |
| Ordinary income | 1,389 | 4.3% | S100YH0J |
| Pretax income | 1,392 | 4.3% | S100YH0J |
| Income tax | 421 | 1.3% | S100YH0J |
| Net income | 972 | 3.0% | S100YH0J |
| Net income attributable to owners | 972 | 3.0% | S100YH0J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 9 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.6% → Operating margin 4.3% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.7%; Core profit growth: -9.6%
Operating leverage (core profit growth ÷ revenue growth): 1.25×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,338 | 32,615 | -2,723 | -7.7% |
| Gross profit | 4,621 | 4,441 | -180 | -3.9% |
| Operating income | 1,552 | 1,403 | -149 | -9.6% |
| Net income attributable to owners | 1,049 | 972 | -78 | -7.4% |
| Operating cash flow | -278 | 1,402 | 1,680 | — |
| Free cash flow | -624 | 1,321 | 1,945 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,826 | 548 | 2.3% | 334 | 1,244 | 998 | S100LQAO |
| FY ending Mar 2021 | 26,735 | 1,049 | 3.9% | 743 | 2,908 | 2,528 | S100OJ0H |
| FY ending Mar 2022 | 37,552 | 2,122 | 5.7% | 1,541 | 2,346 | 2,024 | S100R88H |
| FY ending Mar 2023 | 45,281 | 2,349 | 5.2% | 1,639 | 1,029 | -1,405 | S100TU7X |
| FY ending Mar 2024 | 39,013 | 1,218 | 3.1% | 849 | 1,185 | 389 | S100W3FN |
| FY ending Mar 2025 | 35,338 | 1,552 | 4.4% | 1,049 | -278 | -624 | S100YH0J |
| FY ending Mar 2026 | 32,615 | 1,403 | 4.3% | 972 | 1,402 | 1,321 | S100YH0J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.5M |
| Operating income per employee (consolidated) | ¥2.4M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 420 | 528 | 503 | 552 | 577 |
| Average salary (parent company) | ¥5.1M | ¥5.5M | ¥5.1M | ¥4.9M | ¥5.5M |
| Average age (parent company) | 44.0 years | 43.1 years | 43.1 years | 42.9 years | 43.8 years |
| Average tenure (parent company) | 11.9 years | 11.0 years | 10.9 years | 10.1 years | 10.9 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) -7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Selling | 27,992 | 85.8% | 690 | 2.5% |
| Commissioned Manufacturing | 4,623 | 14.2% | 555 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Selling | 85.8% | 55.4% | -30.4 | 2.5% |
| Commissioned Manufacturing | 14.2% | 44.6% | 30.4 | 12.0% |

Segment → industry: Commissioned Manufacturing → Semiconductor Equipment / Selling → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,402 | 4.3% | S100YH0J |
| Capital expenditure | 81 | 0.2% | S100YH0J |
| Free cash flow | 1,321 | 4.0% | 算出 |
| Investing cash flow | -13 | -0.0% | S100YH0J |
| Financing cash flow | -539 | -1.7% | S100YH0J |
| Dividends paid | 350 | 1.1% | S100YH0J |
| Share buyback | 0 | 0.0% | S100YH0J |
| Change in cash | 853 | 2.6% | S100YH0J |
| Cash and equivalents | 8,610 | 26.4% | S100YH0J |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,938 | 10,414 | 9,860 | 7,757 | 8,610 | S100TU7X, S100W3FN, S100YH0J |
| Total assets | 25,247 | 30,011 | 27,147 | 24,623 | 25,081 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Net assets | 9,494 | 10,729 | 11,439 | 11,940 | 12,761 | S100TU7X, S100W3FN, S100YH0J |
| Share capital | 1,850 | 1,857 | 1,864 | 1,864 | 1,864 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Property, plant and equipment | 3,850 | 6,462 | 6,272 | 6,243 | 5,950 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Intangible assets excluding goodwill | 33 | 28 | 29 | 21 | 32 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Investment securities | 700 | 657 | 993 | 650 | 943 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Current assets | 19,812 | 21,946 | 19,044 | 16,721 | 17,211 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Current liabilities | 12,874 | 14,179 | 11,217 | 9,196 | 8,833 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Trade payables | 4,604 | 4,772 | 3,423 | 2,486 | 3,629 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Long-term borrowings | 1,976 | 3,977 | 3,312 | 2,310 | 2,285 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Bonds | 16 | — | — | — | — | S100R88H |
| Total liabilities | 15,753 | 19,282 | 15,709 | 12,683 | 12,320 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Equity attributable to owners of parent | 9,118 | 10,383 | 10,833 | 11,557 | 12,179 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Retained earnings | 5,258 | 6,509 | 6,946 | 7,670 | 8,292 | S100R88H, S100TU7X, S100W3FN, S100YH0J |
| Treasury stock | -103 | -103 | -104 | -104 | -104 | S100R88H, S100TU7X, S100W3FN, S100YH0J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YH0J |
| Property, plant and equipment | 24% | S100YH0J |
| Intangibles and goodwill | 0% | S100YH0J |
| Investment securities | 4% | S100YH0J |
| Other assets | 38% | S100YH0J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YH0J |
| Other liabilities | 35% | S100YH0J |
| Equity | 51% | S100YH0J |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,247 | 30,011 | 27,147 | 24,623 | 25,081 |
| Equity | 9,494 | 10,729 | 11,439 | 11,940 | 12,761 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,938 | 10,414 | 9,860 | 7,757 | 8,610 |

## 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) | 18.2% | S100YH0J |
| Fixed assets ÷ total assets | 23.7% | S100YH0J |
| Goodwill ÷ parent equity | — | —, S100YH0J |

### 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) | 34.3% |
| Cash ÷ revenue | 26.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.9% |
| Cash vs. profit gap | 430 JPY mn (of net income 44.3%) |
| Shareholder returns / net income | 36.0% |
| Shareholder returns / FCF | 26.5% |
| Shareholder payments — dividends / net income | 36.0% |
| Shareholder payments — dividends / FCF | 26.5% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 0.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.1% | 1.49× | 6.1% | 2.77× | 16.9% | S100R88H |
| 2023 | 3.6% | 1.64× | 5.9% | 2.83× | 16.8% | S100TU7X |
| 2024 | 2.2% | 1.37× | 3.0% | 2.69× | 8.0% | S100W3FN |
| 2025 | 3.0% | 1.37× | 4.1% | 2.31× | 9.4% | S100YH0J |
| 2026 | 3.0% | 1.31× | 3.9% | 2.09× | 8.2% | S100YH0J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 権田 浩一 | Major shareholder | 10.1% | 2026-03-31 |
| 権田 雄大 | Major shareholder | 4.6% | 2026-03-31 |
| 権田 益美 | Major shareholder | 4.1% | 2026-03-31 |
| 高橋 祐実 | Major shareholder | 3.1% | 2026-03-31 |
| 中島 秀樹 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社きらぼし銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 島根 良明 | Major shareholder | 2.1% | 2026-03-31 |
| 副島 眞由美 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YH0J | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH0J,, |
| 有価証券報告書－第64期(2024/04/01－2025/03/31) | S100W3FN | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3FN,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TU7X | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU7X,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R88H | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R88H,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OJ0H | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ0H,, |
| 有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LQAO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQAO,, |

## 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).