# NAKANISHI INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第74期(2025/01/01－2025/12/31) (S100XU9P)
> Page: https://vizora.meequs.com/en/company/nakanishi
> Retrieved: 2026-09-30T21:07:52.457Z

## Company

Nakanishi, founded in 2008, is a company in Machine Tools listed on TSE Standard. It has 2,204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKANISHI INC. |
| Ticker | 7716 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7716.T) |
| Listing | TSE Standard |
| Head office | 栃木県鹿沼市下日向700番地 |
| Representative (per filing) | 代表取締役社長執行役員 中西 英一 |
| Founded | Mar 2008 |
| Share capital | ¥867.9M |
| Employees (consolidated) | 2,204 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.nakanishi-inc.jp (https://www.nakanishi-inc.jp/) |
| Corporate number | 1060001010545 |
| EDINET | E02331 |
| Industries (Vizora) | Machine Tools, Medical Devices |

> Profile source: annual securities report (S100XU9P, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.8 | 38 |
| Profitability | 70.5 | 39 |
| Cash conversion | 67.1 | 38 |
| Efficiency | 14.1 | 39 |

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 Nakanishi's sales come from Dental products, with DCI products and Industrial products making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit -3.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥81.2B |  |
| Operating income | ¥14.1B | Margin 17.4% |
| Net income | -¥2.4B | Margin -3.0% |
| Free cash flow | ¥11.3B |  |
| Largest business | Dental products | of segment revenue 59.4% |
| Employees (consolidated) | 2,204 |  |
| EPS | ¥131.49 |  |
| Diluted EPS | ¥131.05 |  |
| Book value per share | ¥990.92 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 93,418,200 |  |
| Treasury shares | 10,373,400 |  |
| Shareholders | 8,401 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 56.6% |
| Vs. industry median margin | +6.3 pp | Medical Devices |
| ROA | -1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, segment profit share differs by 23 points
- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33055477000 | ¥81179143000 | +145.6% |
| Operating income | ¥8542150000 | ¥14089536000 | +64.9% |
| Operating margin | 25.8% | 17.4% | -8.5 pp |
| Employees | 1,184 people | 2,204 people | +86.1% |
| Cash and equivalents | ¥30044771000 | ¥45964061000 | +53.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 歯科製品関連 → 事業再編・廃止 | 91.4% |
| 工業製品関連 → 事業再編・廃止 | 8.6% |
| 新設・再編 → 歯科事業 | 59.4% |
| 新設・再編 → DCI事業 | 25.3% |
| 新設・再編 → 外科事業 | 6.8% |
| 新設・再編 → 機工事業 | 8.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dental products | 4 years | +5.9% | ¥48197285000 | 35.0% | 2 |
| DCI products | 2 years | +127.3% | ¥20538007000 | -2.4% | 2 |
| Industrial products | 4 years | +15.8% | ¥6906290000 | 11.8% | 2 |
| Surgical products | 4 years | +19.0% | ¥5537559000 | 48.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 81,179 | 100.0% | S100XU9P |
| Cost of revenue | 35,119 | 43.3% | S100XU9P |
| Gross profit | 46,060 | 56.7% | S100XU9P |
| SG&A | 31,971 | 39.4% | S100XU9P |
| Operating income | 14,090 | 17.4% | S100XU9P |
| Ordinary income | 16,934 | 20.9% | S100XU9P |
| Pretax income | 3,279 | 4.0% | S100XU9P |
| Income tax | 5,677 | 7.0% | S100XU9P |
| Net income | -2,398 | -3.0% | S100XU9P |
| Net income attributable to owners | -2,398 | -3.0% | S100XU9P |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 40 |
| Operating income | 17 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 56.7% → Operating margin 17.4% → Net margin -3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.4%; Core profit growth: -3.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.65×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 77,041 | 81,179 | 4,138 | +5.4% |
| Gross profit | 44,418 | 46,060 | 1,642 | +3.7% |
| Operating income | 14,596 | 14,090 | -507 | -3.5% |
| Net income attributable to owners | 8,578 | -2,398 | -10,976 | -128.0% |
| Operating cash flow | 15,303 | 16,649 | 1,347 | +8.8% |
| Free cash flow | 10,048 | 11,336 | 1,289 | +12.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 35,419 | 9,299 | 26.3% | 7,103 | 7,022 | 5,569 | S100L2QM |
| FY ending Dec 2020 | 33,055 | 8,542 | 25.8% | 6,455 | 9,184 | 7,992 | S100NRFI |
| FY ending Dec 2021 | 44,858 | 13,750 | 30.7% | 10,103 | 11,971 | 9,619 | S100QHRO |
| FY ending Dec 2022 | 48,671 | 15,389 | 31.6% | 12,472 | 7,764 | 3,780 | S100T5R7 |
| FY ending Dec 2023 | 59,692 | 14,252 | 23.9% | 22,800 | 8,557 | 2,605 | S100VFKM |
| FY ending Dec 2024 | 77,041 | 14,596 | 18.9% | 8,578 | 15,303 | 10,048 | S100XU9P |
| FY ending Dec 2025 | 81,179 | 14,090 | 17.4% | -2,398 | 16,649 | 11,336 | S100XU9P |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.8M |
| Operating income per employee (consolidated) | ¥6.4M |
| Net income per employee (consolidated) | -¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,239 | 1,478 | 2,049 | 2,180 | 2,204 |
| Average salary (parent company) | ¥5.8M | ¥6.6M | ¥6.3M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 40.6 years | 40.6 years | 40.3 years | 40.5 years | 41.0 years |
| Average tenure (parent company) | 11.0 years | 10.8 years | 10.8 years | 10.9 years | 11.8 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +5.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dental products | 48,197 | 59.4% | 16,853 | 35.0% |
| DCI products | 20,538 | 25.3% | -490 | -2.4% |
| Surgical products | 5,538 | 6.8% | 2,667 | 48.2% |
| Industrial products | 6,906 | 8.5% | 817 | 11.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dental products | 59.4% | 82.9% | 23.5 | 35.0% |
| DCI products | 25.3% | — | — | -2.4% |
| Surgical products | 6.8% | 13.1% | 6.3 | 48.2% |
| Industrial products | 8.5% | 4.0% | -4.5 | 11.8% |

Loss-making segment (excluded from profit shares): DCI products -490 JPY mn

Segment → industry: Industrial products → Machine Tools / Surgical products → Medical Devices / DCI products → Medical Devices / Dental products → Medical Devices

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16,649 | 20.5% | S100XU9P |
| Capital expenditure | 5,313 | 6.5% | S100XU9P |
| Free cash flow | 11,336 | 14.0% | 算出 |
| Investing cash flow | -8,683 | -10.7% | S100XU9P |
| Financing cash flow | 679 | 0.8% | S100XU9P |
| Dividends paid | 4,363 | 5.4% | S100XU9P |
| Share buyback | 2,927 | 3.6% | S100XU9P |
| Change in cash | 10,740 | 13.2% | S100XU9P |
| Cash and equivalents | 45,964 | 56.6% | S100XU9P |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 34,888 | 31,649 | 25,973 | 35,224 | 45,964 | S100T5R7, S100VFKM, S100XU9P |
| Total assets | 94,461 | 102,636 | 140,769 | 158,300 | 160,155 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Net assets | 82,919 | 91,023 | 113,165 | 121,199 | 114,074 | S100T5R7, S100VFKM, S100XU9P |
| Share capital | 868 | 868 | 868 | 868 | 868 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Trade receivables | 5,349 | — | — | — | — | S100QHRO |
| Property, plant and equipment | 15,293 | 18,329 | 23,101 | 25,130 | 26,862 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Intangible assets excluding goodwill | 1,345 | 3,612 | 38,391 | 38,196 | 21,276 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Goodwill | 108 | 1,483 | 21,379 | 21,390 | 5,391 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Investment securities | 8,692 | 6,854 | 6,520 | 5,847 | 4,960 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Current assets | 60,152 | 62,792 | 68,173 | 84,886 | 102,409 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Current liabilities | 10,595 | 9,847 | 21,501 | 27,925 | 29,903 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Short-term borrowings | 100 | 100 | 11,479 | 13,923 | 7,774 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Long-term borrowings | — | 359 | 179 | 2,976 | 11,185 | S100T5R7, S100VFKM, S100XU9P |
| Total liabilities | 11,541 | 11,614 | 27,604 | 37,100 | 46,081 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Non-controlling interests | 4 | 6 | 10 | 10 | — | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Equity attributable to owners of parent | 80,020 | 86,383 | 105,729 | 108,020 | 98,554 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Retained earnings | 84,765 | 93,628 | 112,311 | 116,593 | 110,046 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |
| Treasury stock | -6,794 | -9,294 | -11,159 | -12,025 | -14,946 | S100QHRO, S100T5R7, S100VFKM, S100XU9P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XU9P |
| Property, plant and equipment | 17% | S100XU9P |
| Intangibles and goodwill | 16% | S100XU9P |
| Investment securities | 3% | S100XU9P |
| Other assets | 35% | S100XU9P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XU9P |
| Equity | 71% | S100XU9P |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 94,461 | 102,636 | 140,769 | 158,300 | 160,155 |
| Equity | 82,919 | 91,023 | 113,165 | 121,199 | 114,074 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,888 | 31,649 | 25,973 | 35,224 | 45,964 |

## 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) | 33.1% | S100XU9P |
| Fixed assets ÷ total assets | 16.8% | S100XU9P |
| Goodwill ÷ parent equity | 5.5% | S100XU9P |

Goodwill over 4 years: 108 → 5,391 JPY; total investing cash flow: -46,235 JPY. This does not imply causation.

### 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) | 28.7% |
| Cash ÷ revenue | 56.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.2% |
| Cash vs. profit gap | 19,048 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 64.3% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 38.5% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 52.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 22.5% | 0.47× | 10.7% | 1.18× | 12.6% | S100QHRO |
| 2022 | 25.6% | 0.49× | 12.7% | 1.18× | 15.0% | S100T5R7 |
| 2023 | 38.2% | 0.49× | 18.7% | 1.27× | 23.7% | S100VFKM |
| 2024 | 11.1% | 0.52× | 5.7% | 1.40× | 8.0% | S100XU9P |
| 2025 | — | —× | -1.5% | —× | — | S100XU9P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ナカニシＥ＆Ｎ株式会社 | Major shareholder | 5.5% | 2025-12-31 |
| 中西千代 | Major shareholder | 5.3% | 2025-12-31 |
| 公益財団法人ＮＳＫナカニシ財団 | Major shareholder | 4.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2025-12-31 |
| 株式会社オフィスナカニシ | Major shareholder | 3.8% | 2025-12-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン エス エル オムニバス アカウント （常任代理人 株式会社みずほ銀 行決済営業部） | Major shareholder | 3.6% | 2025-12-31 |
| 中西英一 | Major shareholder | 3.4% | 2025-12-31 |
| 中西賢介 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社足利銀行 | Major shareholder | 2.7% | 2025-12-31 |
| ザ バンク オブ ニューヨーク メロン １４００４２ （常任代理人 株式会社みずほ銀 行決済営業部） | Major shareholder | 2.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/01/01－2025/12/31) | S100XU9P | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU9P,, |
| 有価証券報告書－第73期(2024/01/01－2024/12/31) | S100VFKM | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFKM,, |
| 有価証券報告書－第72期(2023/01/01－2023/12/31) | S100T5R7 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5R7,, |
| 有価証券報告書－第71期(2022/01/01－2022/12/31) | S100QHRO | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHRO,, |
| 有価証券報告書－第70期(令和3年1月1日－令和3年12月31日) | S100NRFI | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRFI,, |
| 有価証券報告書－第69期(令和2年1月1日－令和2年12月31日) | S100L2QM | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2QM,, |

## 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).