# NAKANISHI MFG.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70期(2025/04/01－2026/03/31) (S100YJT1)
> Page: https://vizora.meequs.com/en/company/nakanishi-mfg
> Retrieved: 2026-09-30T21:52:13.939Z

## Company

Nakanishi MFG., founded in 1958, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 669 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKANISHI MFG.CO.,LTD. |
| Ticker | 5941 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5941.T) |
| Listing | TSE Standard |
| Head office | 大阪市生野区巽南五丁目4番14号 |
| Representative (per filing) | 代表取締役社長 中西 一真 |
| Founded | Aug 1958 |
| Share capital | ¥1.45B |
| Employees (consolidated) | 669 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.nakanishi.co.jp (https://www.nakanishi.co.jp/) |
| Corporate number | 3120001018349 |
| EDINET | E01445 |
| Industries (Vizora) | Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YJT1, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.1 | 110 |
| Profitability | 49.6 | 122 |
| Cash conversion | 9.1 | 116 |
| Efficiency | 96.3 | 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 100% of Nakanishi MFG.'s sales come from Manufacturing And Sales Of General Commercial Kitchen Equipment And Appliance, with Real EstateLeasing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +15.9%.

## Company structure

- Segment revenue mix: Manufacturing And Sales Of General Commercial Kitchen Equipment And Appliance 99.8%、Real EstateLeasing Business 0.2%
- Revenue → net income: ¥41008792000 → ¥2210093000
- Net income → operating cash flow: ¥2210093000 → ¥559520000（difference ¥-1650573000）
- Main uses of operating cash flow: CapEx ¥1148790000 / dividends ¥544126000 / buybacks ¥248758000
- Change in cash: ¥534583000
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 | ¥41B |  |
| Operating income | ¥3.05B | Margin 7.4% |
| Net income | ¥2.21B | Margin 5.4% |
| Free cash flow | -¥589.3M |  |
| Largest business | Manufacturing And Sales Of General Commercial Kitchen Equipment And Appliance | of segment revenue 99.8% |
| Employees (consolidated) | 669 |  |
| EPS | ¥356.77 |  |
| Book value per share | ¥3616.92 |  |
| Equity ratio | 66.3% |  |
| Shares outstanding | 6,306,000 |  |
| Treasury shares | 92,100 |  |
| Shareholders | 4,107 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -0.1 pp | Industrial Machinery |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28641833000 | ¥41008792000 | +43.2% |
| Operating income | ¥1315316000 | ¥3049360000 | +131.8% |
| Operating margin | 4.6% | 7.4% | +2.8 pp |
| Employees | 585 people | 669 people | +14.4% |
| Cash and equivalents | ¥3492318000 | ¥3531115000 | +1.1% |

### 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 |
| --- | ---: |
| 業務用厨房機器製造販売事業 → 業務用厨房機器製造販売事業 | 99.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.2% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 業務用厨房機器製造販売事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,009 | 100.0% | S100YJT1 |
| Cost of revenue | 30,221 | 73.7% | S100YJT1 |
| Gross profit | 10,787 | 26.3% | S100YJT1 |
| SG&A | 7,738 | 18.9% | S100YJT1 |
| Operating income | 3,049 | 7.4% | S100YJT1 |
| Ordinary income | 3,170 | 7.7% | S100YJT1 |
| Pretax income | 3,131 | 7.6% | S100YJT1 |
| Income tax | 921 | 2.2% | S100YJT1 |
| Net income | 2,210 | 5.4% | S100YJT1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 19 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.3% → Operating margin 7.4% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +15.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.89×
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 | 39,932 | 41,009 | 1,077 | +2.7% |
| Gross profit | 9,878 | 10,787 | 909 | +9.2% |
| Operating income | 2,631 | 3,049 | 418 | +15.9% |
| Operating cash flow | 544 | 560 | 15 | +2.8% |
| Free cash flow | -1,494 | -589 | 904 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,297 | 1,274 | 4.3% | 920 | 2,184 | 1,581 | S100LSNH |
| FY ending Mar 2021 | 28,642 | 1,315 | 4.6% | 931 | 1,044 | 632 | S100OIUA |
| FY ending Mar 2022 | 30,075 | 1,639 | 5.4% | 1,118 | 2,413 | 1,939 | S100R9KB |
| FY ending Mar 2023 | 30,669 | 1,072 | 3.5% | 803 | -1,437 | -1,557 | S100TX3A |
| FY ending Mar 2024 | 36,602 | 1,966 | 5.4% | 1,519 | 4,334 | 3,955 | S100W59Z |
| FY ending Mar 2025 | 39,932 | 2,631 | 6.6% | 1,807 | 544 | -1,494 | S100YJT1 |
| FY ending Mar 2026 | 41,009 | 3,049 | 7.4% | 2,210 | 560 | -589 | S100YJT1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.3M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 589 | 595 | 606 | 635 | 669 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥6.2M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 39.9 years | 40.8 years | 40.9 years | 40.9 years | 41.6 years |
| Average tenure (parent company) | 11.4 years | 12.1 years | 12.3 years | 12.3 years | 11.7 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing And Sales Of General Commercial Kitchen Equipment And Appliance | 40,907 | 99.8% | 3,002 | 7.3% |
| Real EstateLeasing Business | 102 | 0.2% | 47 | 46.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing And Sales Of General Commercial Kitchen Equipment And Appliance | 99.8% | 98.4% | -1.3 | 7.3% |
| Real EstateLeasing Business | 0.2% | 1.6% | 1.3 | 46.7% |

Segment → industry: Real EstateLeasing Business → Real Estate Development & Leasing / Manufacturing And Sales Of General Commercial Kitchen Equipment And Appliance → Industrial Machinery

## 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 | 560 | 1.4% | S100YJT1 |
| Capital expenditure | 1,149 | 2.8% | S100YJT1 |
| Free cash flow | -589 | -1.4% | 算出 |
| Investing cash flow | -1,492 | -3.6% | S100YJT1 |
| Financing cash flow | 1,467 | 3.6% | S100YJT1 |
| Dividends paid | 544 | 1.3% | S100YJT1 |
| Share buyback | 249 | 0.6% | S100YJT1 |
| Change in cash | 535 | 1.3% | S100YJT1 |
| Cash and equivalents | 3,531 | 8.6% | S100YJT1 |

## 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 | 4,723 | 2,197 | 5,810 | 2,997 | 3,531 | S100TX3A, S100W59Z, S100YJT1 |
| Total assets | 25,883 | 26,134 | 29,097 | 30,467 | 33,900 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Net assets | 16,951 | 17,627 | 19,108 | 20,448 | 22,475 | S100TX3A, S100W59Z, S100YJT1 |
| Share capital | 1,446 | 1,446 | 1,446 | 1,446 | 1,446 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Property, plant and equipment | 8,493 | 8,246 | 8,113 | 9,707 | 10,460 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Intangible assets excluding goodwill | 799 | 639 | 556 | 476 | 424 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Investment securities | 1,022 | 1,258 | 1,671 | 3,448 | 4,341 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Current assets | 14,547 | 14,869 | 17,744 | 15,632 | 17,841 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Current liabilities | 7,392 | 7,153 | 8,685 | 8,740 | 9,299 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Short-term borrowings | 700 | 700 | 700 | 1,800 | 2,800 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Long-term borrowings | — | — | — | — | 820 | S100YJT1 |
| Total liabilities | 8,932 | 8,507 | 9,989 | 10,018 | 11,424 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Equity attributable to owners of parent | 17,387 | 17,938 | 19,214 | 20,520 | 22,079 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Retained earnings | 14,407 | 14,958 | 16,276 | 17,625 | 19,290 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |
| Treasury stock | -3 | -3 | -47 | -93 | -217 | S100R9KB, S100TX3A, S100W59Z, S100YJT1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJT1 |
| Property, plant and equipment | 31% | S100YJT1 |
| Intangibles and goodwill | 1% | S100YJT1 |
| Investment securities | 13% | S100YJT1 |
| Other assets | 45% | S100YJT1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YJT1 |
| Equity | 66% | S100YJT1 |
| Other liabilities | 0% | S100YJT1 |

### 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 | 25,883 | 26,134 | 29,097 | 30,467 | 33,900 |
| Equity | 16,951 | 17,627 | 19,108 | 20,448 | 22,475 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,723 | 2,197 | 5,810 | 2,997 | 3,531 |

## 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) | 25.5% | S100YJT1 |
| Fixed assets ÷ total assets | 30.9% | S100YJT1 |
| Goodwill ÷ parent equity | — | —, S100YJT1 |

### 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) | 10.4% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 18.3% |
| Cash vs. profit gap | -1,651 JPY mn (of net income -74.7%) |
| Shareholder returns / net income | 35.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 266.6% |

## 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% | 1.16× | 4.3% | 1.49× | 6.4% | S100R9KB |
| 2023 | 2.6% | 1.18× | 3.1% | 1.47× | 4.5% | S100TX3A |
| 2024 | 4.2% | 1.33× | 5.5% | 1.49× | 8.2% | S100W59Z |
| 2025 | 4.5% | 1.34× | 6.1% | 1.50× | 9.1% | S100YJT1 |
| 2026 | 5.4% | 1.27× | 6.9% | 1.51× | 10.4% | S100YJT1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中西 一真 | Major shareholder | 9.9% | 2026-03-31 |
| レック株式会社 | Major shareholder | 9.3% | 2026-03-31 |
| 中西製作所取引先持株会 | Major shareholder | 8.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 6.4% | 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 | 6.4% | 2026-03-31 |
| 中西 昭夫 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| ガリレイ株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 中西製作所従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YJT1 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJT1,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W59Z | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59Z,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TX3A | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX3A,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R9KB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9KB,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OIUA | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIUA,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LSNH | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSNH,, |

## 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).