# NAKAYAMA STEEL WORKS, LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第132期(2025/04/01－2026/03/31) (S100YIVA)
> Page: https://vizora.meequs.com/en/company/nakayama-steel-works
> Retrieved: 2026-09-30T17:59:53.735Z

## Company

Nakayama Steel Works, founded in 1919, is a company in Steel listed on TSE Prime. It has 1,285 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nakayama Steel Works, Ltd. |
| Ticker | 5408 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5408.T) |
| Listing | TSE Prime |
| Head office | 大阪市大正区船町一丁目1番66号 |
| Representative (per filing) | 代表取締役社長 内藤伸彦 |
| Founded | Sep 1919 |
| Share capital | ¥20B |
| Employees (consolidated) | 1,285 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Corporate number | 5120001027901 |
| EDINET | E01229 |
| Industries (Vizora) | Steel, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIVA, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53 | 33 |
| Profitability | 44.3 | 35 |
| Cash conversion | 82.3 | 31 |
| Efficiency | 87.1 | 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)

- About 98% of Nakayama Steel Works's sales come from Steel, with Engineering and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -12.4% from the prior year, operating profit -41.8%.

## Company structure

- Segment revenue mix: Steel 98.2%、Engineering 1.1%、Real estate 0.7%
- Revenue → net income: ¥148306000000 → ¥2462000000
- Net income → operating cash flow: ¥2462000000 → ¥15274000000（difference ¥12812000000）
- Main uses of operating cash flow: CapEx ¥5082000000 / dividends ¥1627000000 / buybacks —
- Change in cash: ¥7899000000
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 | ¥148.3B |  |
| Operating income | ¥4.91B | Margin 3.3% |
| Net income | ¥2.46B | Margin 1.7% |
| Free cash flow | ¥10.2B |  |
| Largest business | Steel | of segment revenue 98.2% |
| Employees (consolidated) | 1,285 |  |
| EPS | ¥37.42 |  |
| Book value per share | ¥1739.5 |  |
| Equity ratio | 71.6% |  |
| Shares outstanding | 63,079,000 |  |
| Treasury shares | 8,863,800 |  |
| Shareholders | 22,233 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | -0.2 pp | Steel |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110954000000 | ¥148306000000 | +33.7% |
| Operating income | ¥2351000000 | ¥4911000000 | +108.9% |
| Operating margin | 2.1% | 3.3% | +1.2 pp |
| Employees | 1,196 people | 1,285 people | +7.4% |
| Cash and equivalents | ¥18308000000 | ¥23225000000 | +26.9% |

### 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 |
| --- | ---: |
| 鉄鋼 → 鉄鋼 | 97.8% |
| エンジニアリング → エンジニアリング | 1.1% |
| エンジニアリング → 事業再編・廃止 | 0.3% |
| 不動産 → 不動産 | 0.7% |
| 不動産 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 鉄鋼 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel | 5 years | +6.1% | ¥145669000000 | 2.9% | 2 |
| Engineering | 5 years | +1.2% | ¥1662000000 | -1.2% | 2 |
| Real estate | 5 years | +3.1% | ¥974000000 | 70.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 148,306 | 100.0% | S100YIVA |
| Cost of revenue | 129,769 | 87.5% | S100YIVA |
| Gross profit | 18,537 | 12.5% | S100YIVA |
| SG&A | 13,625 | 9.2% | S100YIVA |
| Operating income | 4,911 | 3.3% | S100YIVA |
| Ordinary income | 4,806 | 3.2% | S100YIVA |
| Pretax income | 3,397 | 2.3% | S100YIVA |
| Income tax | 934 | 0.6% | S100YIVA |
| Net income | 2,462 | 1.7% | S100YIVA |
| Net income attributable to owners | 2,462 | 1.7% | S100YIVA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 12.5% → Operating margin 3.3% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.4%; Core profit growth: -41.8%
Operating leverage (core profit growth ÷ revenue growth): 3.37×
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 | 169,329 | 148,306 | -21,023 | -12.4% |
| Gross profit | 22,080 | 18,537 | -3,543 | -16.0% |
| Operating income | 8,436 | 4,911 | -3,525 | -41.8% |
| Net income attributable to owners | 5,695 | 2,462 | -3,233 | -56.8% |
| Operating cash flow | 7,346 | 15,274 | 7,928 | +107.9% |
| Free cash flow | 2,957 | 10,192 | 7,235 | +244.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 136,245 | 4,524 | 3.3% | 2,913 | 5,082 | 2,252 | S100LNFX |
| FY ending Mar 2021 | 110,954 | 2,351 | 2.1% | 2,355 | 4,127 | 782 | S100OKPT |
| FY ending Mar 2022 | 166,701 | 7,250 | 4.3% | 4,815 | -8,756 | -11,290 | S100R5PO |
| FY ending Mar 2023 | 188,514 | 13,644 | 7.2% | 10,227 | 13,012 | 9,278 | S100TQNA |
| FY ending Mar 2024 | 184,445 | 12,327 | 6.7% | 8,904 | 5,153 | 1,347 | S100W1Y9 |
| FY ending Mar 2025 | 169,329 | 8,436 | 5.0% | 5,695 | 7,346 | 2,957 | S100YIVA |
| FY ending Mar 2026 | 148,306 | 4,911 | 3.3% | 2,462 | 15,274 | 10,192 | S100YIVA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.4M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,188 | 1,206 | 1,247 | 1,248 | 1,285 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥7M | ¥7.4M | ¥7.4M |
| Average age (parent company) | 44.0 years | 43.8 years | 43.7 years | 44.0 years | 43.9 years |
| Average tenure (parent company) | 21.2 years | 19.6 years | 19.4 years | 19.3 years | 18.8 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) -12.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel | 145,669 | 98.2% | 4,215 | 2.9% |
| Engineering | 1,662 | 1.1% | -20 | -1.2% |
| Real estate | 974 | 0.7% | 685 | 70.3% |

### 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 |
| --- | ---: |
| Steel | 98.2% |
| Engineering | 1.1% |
| Real estate | 0.7% |

Segment → industry: Steel → Steel / Real estate → Real Estate Development & Leasing

## 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 | 15,274 | 10.3% | S100YIVA |
| Capital expenditure | 5,082 | 3.4% | S100YIVA |
| Free cash flow | 10,192 | 6.9% | 算出 |
| Investing cash flow | -4,850 | -3.3% | S100YIVA |
| Financing cash flow | -2,524 | -1.7% | S100YIVA |
| Dividends paid | 1,627 | 1.1% | S100YIVA |
| Change in cash | 7,899 | 5.3% | S100YIVA |
| Cash and equivalents | 23,225 | 15.7% | S100YIVA |

## 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 | 15,745 | 16,755 | 16,467 | 15,326 | 23,225 | S100TQNA, S100W1Y9, S100YIVA |
| Total assets | 143,618 | 148,787 | 152,087 | 149,148 | 152,371 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Net assets | 88,931 | 96,859 | 104,553 | 106,810 | 109,149 | S100TQNA, S100W1Y9, S100YIVA |
| Share capital | 20,044 | 20,044 | 20,044 | 20,044 | 20,044 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Trade receivables | 31,538 | — | — | — | — | S100OKPT |
| Property, plant and equipment | 44,097 | 44,903 | 47,132 | 48,288 | 50,321 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Intangible assets excluding goodwill | 273 | 544 | 454 | 470 | 394 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Investment securities | 2,785 | 3,150 | 3,607 | 3,193 | 3,988 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Current assets | 92,688 | 97,582 | 96,472 | 92,524 | 92,021 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Current liabilities | 37,375 | 35,842 | 38,772 | 26,941 | 28,123 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Trade payables | 21,750 | 20,577 | 18,742 | 14,345 | 15,398 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Short-term borrowings | 7,674 | 2,620 | 9,565 | 2,546 | 2,515 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Long-term borrowings | 8,249 | 7,629 | 62 | 6,515 | 6,000 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Bonds | 27 | — | — | — | — | S100R5PO |
| Interest-bearing debt | 15,950 | — | — | — | — | 算出 |
| Total liabilities | 54,686 | 51,927 | 47,534 | 42,337 | 43,221 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Equity attributable to owners of parent | 85,459 | 93,274 | 100,007 | 103,065 | 103,928 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Retained earnings | 58,364 | 66,179 | 72,895 | 75,936 | 76,774 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |
| Treasury stock | -775 | -775 | -774 | -773 | -769 | S100R5PO, S100TQNA, S100W1Y9, S100YIVA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YIVA |
| Property, plant and equipment | 33% | S100YIVA |
| Intangibles and goodwill | 0% | S100YIVA |
| Investment securities | 3% | S100YIVA |
| Other assets | 49% | S100YIVA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YIVA |
| Other liabilities | 18% | S100YIVA |
| Equity | 72% | S100YIVA |
| Other liabilities | 0% | S100YIVA |

### 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 | 143,618 | 148,787 | 152,087 | 149,148 | 152,371 |
| Equity | 88,931 | 96,859 | 104,553 | 106,810 | 109,149 |
| Interest-bearing debt | 15,950 | — | — | — | — |
| Cash | 15,745 | 16,755 | 16,467 | 15,326 | 23,225 |

## 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) | 33.9% | S100YIVA |
| Fixed assets ÷ total assets | 33.0% | S100YIVA |
| Goodwill ÷ parent equity | — | —, S100YIVA |

### 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) | 15.2% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 311.0% |
| Cash vs. profit gap | 12,812 JPY mn (of net income 520.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.1% |
| Shareholder payments — dividends / FCF | 16.0% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 31.8% |

## 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 | 2.9% | 1.16× | 3.4% | 1.68× | 5.6% | S100R5PO |
| 2023 | 5.4% | 1.29× | 7.0% | 1.64× | 11.4% | S100TQNA |
| 2024 | 4.8% | 1.23× | 5.9% | 1.56× | 9.2% | S100W1Y9 |
| 2025 | 3.4% | 1.12× | 3.8% | 1.48× | 5.6% | S100YIVA |
| 2026 | 1.7% | 0.98× | 1.6% | 1.46× | 2.4% | S100YIVA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阪和興業株式会社 | Major shareholder | 14.9% | 2026-03-31 |
| エア・ウォーター株式会社 | Major shareholder | 8.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）（注） | Major shareholder | 7.1% | 2026-03-31 |
| 大阪瓦斯株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 丸一鋼管株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 尼崎製罐株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| 中山持株共栄会 | Major shareholder | 1.6% | 2026-03-31 |
| 日鉄物産株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| DIMENSIONAL ETF TRUST-DIMENSIONAL INTERNATIONAL SMALL CAP VALUE ETF(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YIVA | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIVA,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100W1Y9 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Y9,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TQNA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQNA,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100R5PO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5PO,, |
| 訂正有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100OKPT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKPT,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LNFX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNFX,, |

## 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).