# NAKAMURA CHOUKOU CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第56期(2025/04/01－2026/03/31) (S100YO1L)
> Page: https://vizora.meequs.com/en/company/nakamura-choukou
> Retrieved: 2026-09-30T18:31:55.335Z

## Company

Nakamura Choukou, founded in 1970, is a company in Machine Tools listed on TSE Growth. It has 58 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKAMURA CHOUKOU CO.,LTD. |
| Ticker | 6166 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6166.T) |
| Listing | TSE Growth |
| Head office | 大阪府堺市西区鶴田町27番27号 |
| Representative (per filing) | 代表取締役会長 井上 誠 |
| Founded | Dec 1970 |
| Share capital | ¥10M |
| Employees (consolidated) | 58 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.nakamura-gp.co.jp (https://www.nakamura-gp.co.jp/) |
| Corporate number | 1120101005629 |
| EDINET | E31542 |
| Industries (Vizora) | Machine Tools, Chemicals, Semiconductor Equipment, Semiconductor Materials, Industrial Machinery |

> Profile source: annual securities report (S100YO1L, filed 2026-07-01). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 110 |
| Profitability | 1.2 | 122 |
| Efficiency | 62.7 | 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 64% of Nakamura Choukou's sales come from Chemical fiber spinning nozzle business, with High-precision equipment business and DNextBusiness making up much of the rest.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed +4.8% from the prior year, operating profit -2205.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.77B |  |
| Operating income | -¥163.7M | Margin -5.9% |
| Net income | ¥276.3M | Margin 10.0% |
| Free cash flow | ¥378.7M |  |
| Largest business | Chemical fiber spinning nozzle business | of segment revenue 64.4% |
| Employees (consolidated) | 58 |  |
| EPS | ¥189.85 |  |
| Book value per share | ¥93.76 |  |
| Equity ratio | 63.9% |  |
| Shares outstanding | 11,020,900 |  |
| Shareholders | 15,094 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 63.3% | Cash ÷ revenue 39.1% |
| Vs. industry median margin | -13.5 pp | Industrial Machinery |
| ROE | 28.5% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 63% of total assets
- FY2026, segment profit share differs by 36 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3806061000 | ¥2768084000 | -27.3% |
| Operating income | ¥167556000 | ¥-163721000 | -197.7% |
| Operating margin | 4.4% | -5.9% | -10.3 pp |
| Employees | 166 people | 58 people | -65.1% |
| Cash and equivalents | ¥3027221000 | ¥1083629000 | -64.2% |

### 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 |
| --- | ---: |
| 特殊精密機器事業 → 特殊精密機器事業 | 20.2% |
| 化学繊維用紡糸ノズル事業 → 化学繊維用紡糸ノズル事業 | 64.4% |
| 化学繊維用紡糸ノズル事業 → 事業再編・廃止 | 15.1% |
| 電子材料スライス周辺事業 → 事業再編・廃止 | 0.1% |
| マテリアルサイエンス事業 → マテリアルサイエンス事業 | 0.2% |
| 新設・再編 → 特殊精密機器事業 | 6.6% |
| 新設・再編 → Ｄ－Ｎｅｘｔ事業 | 8.3% |
| 新設・再編 → マテリアルサイエンス事業 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemical fiber spinning nozzle business | 5 years | -10.0% | ¥1782522000 | 2.9% | 2 |
| High-precision equipment business | 5 years | -0.7% | ¥741792000 | -5.2% | 2 |
| DNextBusiness | 3 years | +10.8% | ¥230933000 | -48.5% | 2 |
| Materials science business | 5 years | +9.3% | ¥12837000 | -647.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,768 | 100.0% | S100YO1L |
| Cost of revenue | 2,125 | 76.8% | S100YO1L |
| Gross profit | 643 | 23.2% | S100YO1L |
| SG&A | 807 | 29.2% | S100YO1L |
| Operating income | -164 | -5.9% | S100YO1L |
| Ordinary income | -138 | -5.0% | S100YO1L |
| Pretax income | 261 | 9.4% | S100YO1L |
| Income tax | -16 | -0.6% | S100YO1L |
| Net income | 276 | 10.0% | S100YO1L |
| Net income attributable to owners | 276 | 10.0% | S100YO1L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 29 |
| Operating income | -6 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 23.2% → Operating margin -5.9% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 2,641 | 2,768 | 127 | +4.8% |
| Gross profit | 679 | 643 | -36 | -5.3% |
| Operating income | 8 | -164 | -171 | -2205.5% |
| Net income attributable to owners | -33 | 276 | 309 | — |
| Operating cash flow | 123 | 394 | 271 | +219.3% |
| Free cash flow | 78 | 379 | 301 | +384.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,797 | -578 | -20.7% | -600 | 228 | 132 | S100LP5F |
| FY ending Mar 2021 | 3,806 | 168 | 4.4% | 8 | 531 | 408 | S100OCOI |
| FY ending Mar 2022 | 4,038 | 312 | 7.7% | -257 | 175 | -318 | S100R3IZ |
| FY ending Mar 2023 | 3,322 | 33 | 1.0% | -124 | -82 | -543 | S100TPZI |
| FY ending Mar 2024 | 2,413 | -532 | -22.1% | 144 | 643 | -1,130 | S100W7G6 |
| FY ending Mar 2025 | 2,641 | 8 | 0.3% | -33 | 123 | 78 | S100YO1L |
| FY ending Mar 2026 | 2,768 | -164 | -5.9% | 276 | 394 | 379 | S100YO1L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.7M |
| Operating income per employee (consolidated) | -¥2.8M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 163 | 157 | 145 | 140 | 58 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 45.1 years | 46.2 years | 46.8 years | 46.8 years | 47.9 years |
| Average tenure (parent company) | 11.6 years | 12.6 years | 13.5 years | 14.3 years | 15.3 years |

Year over year: Employees (consolidated) -58.6% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| High-precision equipment business | 742 | 26.8% | -39 | -5.2% |
| Chemical fiber spinning nozzle business | 1,783 | 64.4% | 51 | 2.9% |
| DNextBusiness | 231 | 8.3% | -112 | -48.5% |
| Materials science business | 13 | 0.5% | -83 | -647.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| High-precision equipment business | 26.8% | — | — | -5.2% |
| Chemical fiber spinning nozzle business | 64.4% | 100.0% | 35.6 | 2.9% |
| DNextBusiness | 8.3% | — | — | -48.5% |
| Materials science business | 0.5% | — | — | -647.6% |

Loss-making segment (excluded from profit shares): High-precision equipment business -39 JPY mn

Loss-making segment (excluded from profit shares): DNextBusiness -112 JPY mn

Loss-making segment (excluded from profit shares): Materials science business -83 JPY mn

Segment → industry: High-precision equipment business → Machine Tools / Materials science business → Chemicals / DNextBusiness → Semiconductor Equipment / DNextBusiness → Semiconductor Materials / Chemical fiber spinning nozzle business → Industrial Machinery

## 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 | 394 | 14.2% | S100YO1L |
| Capital expenditure | 15 | 0.6% | S100YO1L |
| Free cash flow | 379 | 13.7% | 算出 |
| Investing cash flow | 1,669 | 60.3% | S100YO1L |
| Financing cash flow | -2,298 | -83.0% | S100YO1L |
| Change in cash | -225 | -8.1% | S100YO1L |
| Cash and equivalents | 1,084 | 39.1% | S100YO1L |

## 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 | 2,932 | 1,999 | 1,495 | 1,309 | 1,084 | S100TPZI, S100W7G6, S100YO1L |
| Total assets | 5,874 | 4,689 | 6,004 | 5,355 | 1,711 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Net assets | 840 | 715 | 855 | 820 | 1,098 | S100TPZI, S100W7G6, S100YO1L |
| Share capital | 349 | 349 | 349 | 349 | 10 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Trade receivables | 468 | 473 | 307 | 264 | 158 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Property, plant and equipment | 1,216 | 1,521 | 3,045 | 2,858 | 252 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Intangible assets excluding goodwill | 10 | 18 | 14 | 9 | 0 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Investment securities | 2 | 2 | 2 | 2 | — | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Current assets | 4,614 | 3,117 | 2,915 | 2,459 | 1,432 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Current liabilities | 2,029 | 3,129 | 3,340 | 3,292 | 259 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Trade payables | 564 | 248 | 69 | 67 | 41 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Short-term borrowings | 149 | 2,040 | 2,040 | 2,040 | — | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Long-term borrowings | 2,444 | 267 | 792 | 279 | — | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Total liabilities | 5,034 | 3,974 | 5,149 | 4,535 | 613 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Equity attributable to owners of parent | 844 | 719 | 863 | 831 | 1,107 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Retained earnings | 196 | 71 | 215 | 183 | 1,097 | S100R3IZ, S100TPZI, S100W7G6, S100YO1L |
| Treasury stock | — | — | 0 | 0 | 0 | S100W7G6, S100YO1L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100YO1L |
| Receivables | 9% | S100YO1L |
| Property, plant and equipment | 15% | S100YO1L |
| Other assets | 13% | S100YO1L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YO1L |
| Other liabilities | 34% | S100YO1L |
| Equity | 64% | S100YO1L |

### 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 | 5,874 | 4,689 | 6,004 | 5,355 | 1,711 |
| Equity | 840 | 715 | 855 | 820 | 1,098 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,932 | 1,999 | 1,495 | 1,309 | 1,084 |

## 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) | 9.1% | S100YO1L |
| Fixed assets ÷ total assets | 14.7% | S100YO1L |
| Goodwill ÷ parent equity | — | —, S100YO1L |

### 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) | 63.3% |
| Cash ÷ revenue | 39.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 118 JPY mn (of net income 42.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 423.7% |

## 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 | — | —× | -4.4% | —× | — | S100R3IZ |
| 2023 | — | —× | -2.4% | —× | — | S100TPZI |
| 2024 | 6.0% | 0.45× | 2.7% | 6.76× | 18.2% | S100W7G6 |
| 2025 | — | —× | -0.6% | —× | — | S100YO1L |
| 2026 | 10.0% | 0.78× | 7.8% | 3.65× | 28.5% | S100YO1L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 井上 誠 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社ナカムラコーポレーション | Major shareholder | 1.6% | 2026-03-31 |
| 井上 紘章 | Major shareholder | 1.3% | 2026-03-31 |
| 井上 絢哉 | Major shareholder | 1.2% | 2026-03-31 |
| 井上 阿佐美 | Major shareholder | 1.2% | 2026-03-31 |
| PERSHING SECURITIES LTD CLIENT SAFE CUSTODY ASSET ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-03-31 |
| 小山 博信 | Major shareholder | 0.9% | 2026-03-31 |
| 大石 嘉昭 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YO1L | 2026-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YO1L,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W7G6 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7G6,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TPZI | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPZI,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R3IZ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3IZ,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OCOI | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCOI,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LP5F | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP5F,, |

## 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).