# Nakabohtec Corrosion Protecting Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第83期(2025/04/01－2026/03/31) (S100YF2C)
> Page: https://vizora.meequs.com/en/company/nakabohtec-corrosion-protecting
> Retrieved: 2026-09-30T21:17:24.995Z

## Company

Nakabohtec Corrosion Protecting, founded in 1951, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 282 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nakabohtec Corrosion Protecting Co.,Ltd. |
| Ticker | 1787 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1787.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目17番21号 |
| Representative (per filing) | 代表取締役社長 宮地 誠 |
| Founded | Aug 1951 |
| Share capital | ¥866.4M |
| Employees (consolidated) | 282 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.nakabohtec.co.jp (https://www.nakabohtec.co.jp/) |
| Corporate number | 7010001053015 |
| EDINET | E00260 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YF2C, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 35 |
| Profitability | 51.3 | 40 |
| Cash conversion | 85.5 | 38 |
| Efficiency | 83.8 | 40 |

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 59% of Nakabohtec Corrosion Protecting's sales come from Port, with Underground and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit -10.0%.

## Company structure

- Segment revenue mix: Port 58.8%、Underground 21.0%、Other 13.3%、Ground 7.0%
- Revenue → net income: ¥14903189000 → ¥1186206000
- Net income → operating cash flow: ¥1186206000 → ¥1691405000（difference ¥505199000）
- Main uses of operating cash flow: CapEx ¥177901000 / dividends ¥737069000 / buybacks ¥55000000
- Change in cash: ¥924513000
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 | ¥14.9B |  |
| Operating income | ¥1.31B | Margin 8.8% |
| Net income | ¥1.19B | Margin 8.0% |
| Free cash flow | ¥1.51B |  |
| Largest business | Port | of segment revenue 58.8% |
| Employees (consolidated) | 282 |  |
| EPS | ¥482.51 |  |
| Book value per share | ¥3819.71 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 2,602,500 |  |
| Treasury shares | 150,400 |  |
| Shareholders | 964 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 39.8% | Cash ÷ revenue 32.5% |
| Vs. industry median margin | 0 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 9.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13013554000 | ¥14903189000 | +14.5% |
| Operating income | ¥1275135000 | ¥1311659000 | +2.9% |
| Operating margin | 9.8% | 8.8% | -1 pp |
| Employees | 264 people | 282 people | +6.8% |
| Cash and equivalents | ¥3021407000 | ¥4840677000 | +60.2% |

### 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 |
| --- | ---: |
| 港湾 → 港湾 | 58.8% |
| 港湾 → 事業再編・廃止 | 2.9% |
| 地中 → 地中 | 21.0% |
| 地中 → 事業再編・廃止 | 1.3% |
| 陸上 → 陸上 | 6.4% |
| その他 → その他 | 9.6% |
| 新設・再編 → 陸上 | 0.5% |
| 新設・再編 → その他 | 3.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Port | 5 years | +1.8% | ¥8768794000 | 24.8% | 2 |
| Underground | 5 years | +1.5% | ¥3122721000 | 30.0% | 2 |
| Other | 5 years | +9.7% | ¥1975609000 | 17.6% | 2 |
| Ground | 5 years | +4.3% | ¥1036064000 | 44.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,903 | 100.0% | S100YF2C |
| Cost of revenue | 10,975 | 73.6% | S100YF2C |
| Gross profit | 3,928 | 26.4% | S100YF2C |
| SG&A | 2,616 | 17.6% | S100YF2C |
| Operating income | 1,312 | 8.8% | S100YF2C |
| Ordinary income | 1,385 | 9.3% | S100YF2C |
| Pretax income | 1,594 | 10.7% | S100YF2C |
| Income tax | 408 | 2.7% | S100YF2C |
| Net income | 1,186 | 8.0% | S100YF2C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 17 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.4% → Operating margin 8.8% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.2%; Core profit growth: -10.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.30×
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 | 14,726 | 14,903 | 178 | +1.2% |
| Gross profit | 3,785 | 3,928 | 143 | +3.8% |
| Operating income | 1,457 | 1,312 | -146 | -10.0% |
| Operating cash flow | 692 | 1,691 | 999 | +144.2% |
| Free cash flow | 567 | 1,514 | 947 | +167.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,020 | 622 | 5.6% | 466 | 417 | 286 | S100LU3M |
| FY ending Mar 2021 | 13,014 | 1,275 | 9.8% | 901 | -7 | -121 | S100OR4A |
| FY ending Mar 2022 | 12,910 | 1,063 | 8.2% | 764 | 1,329 | 1,219 | S100R7VN |
| FY ending Mar 2023 | 14,158 | 1,247 | 8.8% | 899 | 823 | 638 | S100TUAD |
| FY ending Mar 2024 | 13,780 | 1,177 | 8.5% | 835 | 1,228 | 1,148 | S100VZ8C |
| FY ending Mar 2025 | 14,726 | 1,457 | 9.9% | 1,047 | 692 | 567 | S100YF2C |
| FY ending Mar 2026 | 14,903 | 1,312 | 8.8% | 1,186 | 1,691 | 1,514 | S100YF2C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 268 | 268 | 265 | 274 | 282 |
| Average salary (parent company) | ¥8.9M | ¥8.6M | ¥8.6M | ¥8.6M | ¥9.4M |
| Average age (parent company) | 42.4 years | 42.1 years | 41.9 years | 41.9 years | 41.9 years |
| Average tenure (parent company) | 16.0 years | 16.2 years | 15.9 years | 16.0 years | 15.9 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Port | 8,769 | 58.8% | 2,178 | 24.8% |
| Underground | 3,123 | 21.0% | 937 | 30.0% |
| Ground | 1,036 | 7.0% | 465 | 44.8% |
| Other | 1,976 | 13.3% | 348 | 17.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Port | 58.8% | 55.5% | -3.4 | 24.8% |
| Underground | 21.0% | 23.8% | 2.9 | 30.0% |
| Ground | 7.0% | 11.8% | 4.9 | 44.8% |
| Other | 13.3% | 8.9% | -4.4 | 17.6% |

Segment → industry: Ground → Disaster Prevention & Infrastructure Maintenance / Underground → Disaster Prevention & Infrastructure Maintenance / Port → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,691 | 11.3% | S100YF2C |
| Capital expenditure | 178 | 1.2% | S100YF2C |
| Free cash flow | 1,514 | 10.2% | 算出 |
| Investing cash flow | 25 | 0.2% | S100YF2C |
| Financing cash flow | -792 | -5.3% | S100YF2C |
| Dividends paid | 737 | 4.9% | S100YF2C |
| Share buyback | 55 | 0.4% | S100YF2C |
| Change in cash | 925 | 6.2% | S100YF2C |
| Cash and equivalents | 4,841 | 32.5% | S100YF2C |

## 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 | 3,325 | 3,418 | 3,929 | 3,916 | 4,841 | S100TUAD, S100VZ8C, S100YF2C |
| Total assets | 10,860 | 11,419 | 11,328 | 12,146 | 12,169 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Net assets | 7,642 | 8,009 | 8,298 | 8,731 | 9,366 | S100TUAD, S100VZ8C, S100YF2C |
| Share capital | 866 | 866 | 866 | 866 | 866 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Property, plant and equipment | 678 | 749 | 720 | 724 | 751 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Intangible assets excluding goodwill | 28 | 23 | 25 | 22 | 27 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Investment securities | 316 | 313 | 441 | 395 | 743 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Current assets | 8,954 | 9,511 | 9,453 | 10,366 | 10,157 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Current liabilities | 2,165 | 2,326 | 2,006 | 2,510 | 2,217 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Total liabilities | 3,218 | 3,410 | 3,030 | 3,416 | 2,803 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Equity attributable to owners of parent | 7,534 | 7,891 | 8,097 | 8,553 | 8,957 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Retained earnings | 6,286 | 6,643 | 6,850 | 7,307 | 7,755 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |
| Treasury stock | -489 | -489 | -489 | -490 | -538 | S100R7VN, S100TUAD, S100VZ8C, S100YF2C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YF2C |
| Property, plant and equipment | 6% | S100YF2C |
| Intangibles and goodwill | 0% | S100YF2C |
| Investment securities | 6% | S100YF2C |
| Other assets | 48% | S100YF2C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YF2C |
| Equity | 77% | S100YF2C |

### 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 | 10,860 | 11,419 | 11,328 | 12,146 | 12,169 |
| Equity | 7,642 | 8,009 | 8,298 | 8,731 | 9,366 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,325 | 3,418 | 3,929 | 3,916 | 4,841 |

## 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) | 5.0% | S100YF2C |
| Fixed assets ÷ total assets | 6.2% | S100YF2C |
| Goodwill ÷ parent equity | — | —, S100YF2C |

### 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) | 39.8% |
| Cash ÷ revenue | 32.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.0% |
| Cash vs. profit gap | 505 JPY mn (of net income 42.6%) |
| Shareholder returns / net income | 66.8% |
| Shareholder returns / FCF | 52.3% |
| Shareholder payments — dividends / net income | 62.1% |
| Shareholder payments — dividends / FCF | 48.7% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 1.5% |

## 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 | 5.9% | 1.19× | 7.0% | 1.44× | 10.1% | S100R7VN |
| 2023 | 6.4% | 1.27× | 8.1% | 1.44× | 11.7% | S100TUAD |
| 2024 | 6.1% | 1.21× | 7.3% | 1.42× | 10.4% | S100VZ8C |
| 2025 | 7.1% | 1.25× | 8.9% | 1.41× | 12.6% | S100YF2C |
| 2026 | 8.0% | 1.23× | 9.8% | 1.39× | 13.5% | S100YF2C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井金属株式会社 | Major shareholder | 31.9% | 2026-03-31 |
| ナカボーテック取引先持株会 | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 6.3% | 2026-03-31 |
| ナカボーテック社員持株会 | Major shareholder | 5.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |
| 中川 哲央 | Major shareholder | 2.6% | 2026-03-31 |
| 合同会社ワイズ | Major shareholder | 2.0% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.3% | 2026-03-31 |
| 川部 英子 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YF2C | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF2C,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100VZ8C | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ8C,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TUAD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAD,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R7VN | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7VN,, |
| 訂正有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OR4A | 2022-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OR4A,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LU3M | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU3M,, |

## 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).