# NAKANIPPON CASTING 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115期(2025/04/01－2026/03/31) (S100YIME)
> Page: https://vizora.meequs.com/en/company/nakanippon-casting
> Retrieved: 2026-09-30T21:33:18.870Z

## Company

Nakanippon Casting, founded in 1943, is a company in Steel listed on Nagoya. It has 136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKANIPPON CASTING CO., LTD. |
| Ticker | 6439 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6439.T) |
| Listing | Nagoya |
| Head office | 愛知県西尾市港町6番地6 |
| Representative (per filing) | 代表取締役社長 鳥居良彦 |
| Founded | May 1943 |
| Share capital | ¥30M |
| Employees (consolidated) | 136 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.nakachuko.co.jp (https://www.nakachuko.co.jp/) |
| Corporate number | 9180301022576 |
| EDINET | E01277 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YIME, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 33 |
| Profitability | 4.3 | 35 |
| Efficiency | 10 | 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)

- Nakanippon Casting brought in ¥4.88B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +0.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.88B |  |
| Operating income | -¥53.5M | Margin -1.1% |
| Net income | -¥244.7M | Margin -5.0% |
| Free cash flow | ¥307.8M |  |
| Employees (consolidated) | 136 |  |
| EPS | ¥-110.04 |  |
| Book value per share | ¥1279.21 |  |
| Equity ratio | 33.3% |  |
| Shares outstanding | 2,306,000 |  |
| Treasury shares | 82,600 |  |
| Shareholders | 715 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 20.6% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | -4.6 pp | Steel |
| ROA | -2.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4027287000 | ¥4884248000 | +21.3% |
| Operating income | ¥-265487000 | ¥-53462000 | — |
| Operating margin | -6.6% | -1.1% | +5.5 pp |
| Employees | 139 people | 136 people | -2.2% |
| Cash and equivalents | ¥993639000 | ¥1758472000 | +77.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,884 | 100.0% | S100YIME |
| Cost of revenue | 4,423 | 90.5% | S100YIME |
| Gross profit | 462 | 9.5% | S100YIME |
| SG&A | 515 | 10.5% | S100YIME |
| Operating income | -53 | -1.1% | S100YIME |
| Ordinary income | -38 | -0.8% | S100YIME |
| Pretax income | -223 | -4.6% | S100YIME |
| Income tax | 21 | 0.4% | S100YIME |
| Net income | -245 | -5.0% | S100YIME |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 11 |
| Operating income | -1 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 9.5% → Operating margin -1.1% → Net margin -5.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,858 | 4,884 | 27 | +0.5% |
| Gross profit | 201 | 462 | 260 | +129.4% |
| Operating income | -326 | -53 | 273 | — |
| Operating cash flow | -179 | 562 | 741 | — |
| Free cash flow | -892 | 308 | 1,200 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,682 | -160 | -3.4% | -212 | 557 | 358 | S100LUQQ |
| FY ending Mar 2021 | 4,027 | -265 | -6.6% | 9 | 243 | -82 | S100OL1S |
| FY ending Mar 2022 | 5,243 | -200 | -3.8% | 194 | 197 | -327 | S100RFJB |
| FY ending Mar 2023 | 5,368 | -57 | -1.1% | -483 | 258 | 67 | S100TYJQ |
| FY ending Mar 2024 | 5,812 | 198 | 3.4% | 243 | 947 | 322 | S100W6DS |
| FY ending Mar 2025 | 4,858 | -326 | -6.7% | -339 | -179 | -892 | S100YIME |
| FY ending Mar 2026 | 4,884 | -53 | -1.1% | -245 | 562 | 308 | S100YIME |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.9M |
| Operating income per employee (consolidated) | -¥393.1K |
| Net income per employee (consolidated) | -¥1.8M |

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) | 147 | 161 | 162 | 150 | 136 |
| Average salary (parent company) | ¥5.3M | ¥4.8M | ¥5.6M | ¥5.6M | ¥5.4M |
| Average age (parent company) | 40.5 years | 41.9 years | 42.9 years | 43.2 years | 43.3 years |
| Average tenure (parent company) | 10.9 years | 9.4 years | 9.6 years | 8.6 years | 9.0 years |

Year over year: Employees (consolidated) -9.3% · Revenue (consolidated) +0.5%

## 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 | 562 | 11.5% | S100YIME |
| Capital expenditure | 254 | 5.2% | S100YIME |
| Free cash flow | 308 | 6.3% | 算出 |
| Investing cash flow | -485 | -9.9% | S100YIME |
| Financing cash flow | -202 | -4.1% | S100YIME |
| Dividends paid | 11 | 0.2% | S100YIME |
| Share buyback | 0 | 0.0% | S100YIME |
| Change in cash | -125 | -2.6% | S100YIME |
| Cash and equivalents | 1,758 | 36.0% | S100YIME |

## 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 | 831 | 1,193 | 2,352 | 1,883 | 1,758 | S100TYJQ, S100W6DS, S100YIME |
| Total assets | 8,878 | 8,317 | 9,222 | 9,136 | 8,535 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Net assets | 3,703 | 3,155 | 3,489 | 3,113 | 2,874 | S100TYJQ, S100W6DS, S100YIME |
| Share capital | 30 | 30 | 30 | 30 | 30 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Property, plant and equipment | 4,267 | 3,474 | 3,942 | 4,240 | 3,959 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Intangible assets excluding goodwill | 45 | 23 | 20 | 11 | 15 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Investment securities | 965 | 873 | 481 | 498 | 718 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Current assets | 3,148 | 3,503 | 4,362 | 3,876 | 3,332 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Current liabilities | 2,091 | 1,866 | 2,208 | 1,705 | 1,609 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Short-term borrowings | 100 | 100 | 107 | 10 | 10 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Long-term borrowings | 2,828 | 2,951 | 3,087 | 3,894 | 3,633 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Total liabilities | 5,175 | 5,163 | 5,733 | 6,023 | 5,660 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Equity attributable to owners of parent | 3,654 | 3,130 | 3,373 | 2,987 | 2,731 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Retained earnings | 1,075 | 558 | 801 | 429 | 173 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |
| Treasury stock | -24 | -31 | -31 | -44 | -44 | S100RFJB, S100TYJQ, S100W6DS, S100YIME |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YIME |
| Property, plant and equipment | 46% | S100YIME |
| Intangibles and goodwill | 0% | S100YIME |
| Investment securities | 8% | S100YIME |
| Other assets | 25% | S100YIME |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YIME |
| Equity | 34% | S100YIME |
| Other liabilities | 0% | S100YIME |

### 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 | 8,878 | 8,317 | 9,222 | 9,136 | 8,535 |
| Equity | 3,703 | 3,155 | 3,489 | 3,113 | 2,874 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 831 | 1,193 | 2,352 | 1,883 | 1,758 |

## 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) | 81.1% | S100YIME |
| Fixed assets ÷ total assets | 46.4% | S100YIME |
| Goodwill ÷ parent equity | — | —, S100YIME |

### 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) | 20.6% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 806 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 3.7% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 3.6% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 86.4% |

## 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 | 3.7% | 0.59× | 2.2% | 2.43× | 5.3% | S100RFJB |
| 2023 | — | —× | -5.6% | —× | — | S100TYJQ |
| 2024 | 4.2% | 0.66× | 2.8% | 2.70× | 7.5% | S100W6DS |
| 2025 | — | —× | -3.7% | —× | — | S100YIME |
| 2026 | — | —× | -2.8% | —× | — | S100YIME |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社大西屋 | Major shareholder | 36.3% | 2026-03-31 |
| 株式会社マキタ | Major shareholder | 5.0% | 2026-03-31 |
| 阪部工業株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 西尾信用金庫 | Major shareholder | 3.8% | 2026-03-31 |
| 篠原 寛 | Major shareholder | 3.5% | 2026-03-31 |
| 中鋳工投資会 | Major shareholder | 2.7% | 2026-03-31 |
| 加藤 俊哉 | Major shareholder | 2.6% | 2026-03-31 |
| 川端 知美 | Major shareholder | 2.5% | 2026-03-31 |
| 高須 孝 | Major shareholder | 2.4% | 2026-03-31 |
| 飯島 功市郎 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YIME | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIME,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100W6DS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6DS,, |
| 訂正有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TYJQ | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYJQ,, |
| 訂正有価証券報告書－第112期(2022/04/01－2023/03/31) | S100RFJB | 2023-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFJB,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100OL1S | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL1S,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LUQQ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUQQ,, |

## 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).