# Namura Shipbuilding Co.,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127期(2025/04/01－2026/03/31) (S100YEFT)
> Page: https://vizora.meequs.com/en/company/namura-shipbuilding
> Retrieved: 2026-09-30T19:13:26.254Z

## Company

Namura Shipbuilding is a company in Shipbuilding listed on TSE Standard. It has 2,436 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Namura Shipbuilding Co.,Ltd. |
| Ticker | 7014 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7014.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区立売堀二丁目1番9号 |
| Representative (per filing) | 代表取締役社長 名村建介 |
| Share capital | ¥8.32B |
| Employees (consolidated) | 2,436 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.namura.co.jp (https://www.namura.co.jp/) |
| Corporate number | 5120001046100 |
| EDINET | E02129 |
| Industries (Vizora) | Shipbuilding, Industrial Machinery |

> Profile source: annual securities report (S100YEFT, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 8 |
| Profitability | 83.3 | 9 |
| Cash conversion | 81.3 | 8 |
| Efficiency | 27.8 | 9 |

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 82% of Namura Shipbuilding's sales come from Newly-built ship, with Ship repair and Steel structure and machine making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -4.7%.

## Company structure

- Segment revenue mix: Newly-built ship 82.4%、Ship repair 13.5%、Steel structure and machine 4.1%
- Revenue → net income: ¥159035000000 → ¥21709000000
- Net income → operating cash flow: ¥21709000000 → ¥38826000000（difference ¥17117000000）
- Main uses of operating cash flow: CapEx ¥6903000000 / dividends ¥3470000000 / buybacks —
- Change in cash: ¥28984000000
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 | ¥159B |  |
| Operating income | ¥28.1B | Margin 17.7% |
| Net income | ¥21.6B | Margin 13.6% |
| Free cash flow | ¥31.9B |  |
| Largest business | Newly-built ship | of segment revenue 82.4% |
| Employees (consolidated) | 2,436 |  |
| EPS | ¥238.24 |  |
| Diluted EPS | ¥236.23 |  |
| Book value per share | ¥1513.21 |  |
| Equity ratio | 51.3% |  |
| Shares outstanding | 69,476,000 |  |
| Treasury shares | 9,800 |  |
| Shareholders | 20,439 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 44.8% | Cash ÷ revenue 74.9% |
| Vs. industry median margin | +8.1 pp | Shipbuilding |
| ROE | 23.1% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, parent-company salary changed +35% over five years
- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥98403000000 | ¥159035000000 | +61.6% |
| Operating income | ¥-10471000000 | ¥28085000000 | — |
| Operating margin | -10.6% | 17.7% | +28.3 pp |
| Employees | 2,642 people | 2,436 people | -7.8% |
| Cash and equivalents | ¥13507000000 | ¥119124000000 | +781.9% |

### 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 |
| --- | ---: |
| 新造船 → 新造船 | 79.8% |
| 修繕船 → 修繕船 | 12.9% |
| 鉄構・機械 → 鉄構・機械 | 4.1% |
| 鉄構・機械 → 事業再編・廃止 | 3.2% |
| 新設・再編 → 新造船 | 2.6% |
| 新設・再編 → 修繕船 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Newly-built ship | 5 years | +11.0% | ¥125643000000 | 22.8% | 2 |
| Ship repair | 5 years | +11.2% | ¥20538000000 | 7.6% | 2 |
| Steel structure and machine | 5 years | -1.6% | ¥6279000000 | 5.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 159,035 | 100.0% | S100YEFT |
| Cost of revenue | 122,857 | 77.3% | S100YEFT |
| Gross profit | 36,178 | 22.7% | S100YEFT |
| SG&A | 8,093 | 5.1% | S100YEFT |
| Operating income | 28,085 | 17.7% | S100YEFT |
| Ordinary income | 29,535 | 18.6% | S100YEFT |
| Pretax income | 29,582 | 18.6% | S100YEFT |
| Income tax | 7,873 | 5.0% | S100YEFT |
| Net income | 21,709 | 13.7% | S100YEFT |
| Net income attributable to owners | 21,590 | 13.6% | S100YEFT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 5 |
| Operating income | 18 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 22.7% → Operating margin 17.7% → Net margin 13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -4.7%
Operating leverage (core profit growth ÷ revenue growth): 38.87×
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 | 159,227 | 159,035 | -192 | -0.1% |
| Gross profit | 36,308 | 36,178 | -130 | -0.4% |
| Operating income | 29,466 | 28,085 | -1,381 | -4.7% |
| Net income attributable to owners | 26,245 | 21,590 | -4,655 | -17.7% |
| Operating cash flow | 37,727 | 38,826 | 1,099 | +2.9% |
| Free cash flow | 32,186 | 31,923 | -263 | -0.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 111,887 | -16,022 | -14.3% | -18,030 | -11,639 | -18,520 | S100LO2C |
| FY ending Mar 2021 | 98,403 | -10,471 | -10.6% | -18,778 | -26,636 | -30,557 | S100OF47 |
| FY ending Mar 2022 | 83,423 | -9,532 | -11.4% | -8,419 | 15,096 | 13,563 | S100RHUX |
| FY ending Mar 2023 | 124,080 | 9,595 | 7.7% | 11,194 | 8,999 | 6,922 | S100TTP5 |
| FY ending Mar 2024 | 135,006 | 16,493 | 12.2% | 19,954 | 27,405 | 25,472 | S100W4QD |
| FY ending Mar 2025 | 159,227 | 29,466 | 18.5% | 26,245 | 37,727 | 32,186 | S100YEFT |
| FY ending Mar 2026 | 159,035 | 28,085 | 17.7% | 21,590 | 38,826 | 31,923 | S100YEFT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.3M |
| Operating income per employee (consolidated) | ¥11.5M |
| Net income per employee (consolidated) | ¥8.9M |

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) | 2,294 | 2,213 | 2,232 | 2,297 | 2,436 |
| Average salary (parent company) | ¥5.1M | ¥5.6M | ¥6M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 40.1 years | 41.2 years | 41.3 years | 41.4 years | 41.1 years |
| Average tenure (parent company) | 17.0 years | 17.9 years | 18.0 years | 17.7 years | 17.2 years |

Year over year: Employees (consolidated) +6.1% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Newly-built ship | 125,643 | 82.4% | 28,630 | 22.8% |
| Ship repair | 20,538 | 13.5% | 1,567 | 7.6% |
| Steel structure and machine | 6,279 | 4.1% | 348 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Newly-built ship | 82.4% | 93.7% | 11.3 | 22.8% |
| Ship repair | 13.5% | 5.1% | -8.3 | 7.6% |
| Steel structure and machine | 4.1% | 1.1% | -3.0 | 5.5% |

Segment → industry: Ship repair → Shipbuilding / Newly-built ship → Shipbuilding / Steel structure and machine → 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 | 38,826 | 24.4% | S100YEFT |
| Capital expenditure | 6,903 | 4.3% | S100YEFT |
| Free cash flow | 31,923 | 20.1% | 算出 |
| Investing cash flow | -9,410 | -5.9% | S100YEFT |
| Financing cash flow | -479 | -0.3% | S100YEFT |
| Dividends paid | 3,470 | 2.2% | S100YEFT |
| Change in cash | 28,984 | 18.2% | S100YEFT |
| Cash and equivalents | 119,124 | 74.9% | S100YEFT |

## 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 | 25,276 | 29,456 | 55,386 | 90,140 | 119,124 | S100TTP5, S100W4QD, S100YEFT |
| Total assets | 123,721 | 124,901 | 174,791 | 209,037 | 266,148 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Net assets | 37,173 | 49,964 | 79,899 | 105,142 | 137,441 | S100TTP5, S100W4QD, S100YEFT |
| Share capital | 8,135 | 8,168 | 8,189 | 8,200 | 8,324 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Property, plant and equipment | 32,944 | 31,909 | 30,930 | 33,517 | 36,661 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Intangible assets excluding goodwill | 327 | 358 | 357 | 473 | 657 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Investment securities | 15,819 | 17,257 | 31,531 | 32,552 | 51,241 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Current assets | 72,896 | 74,541 | 110,193 | 141,310 | 176,338 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Current liabilities | 69,638 | 55,567 | 71,971 | 78,410 | 95,130 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Trade payables | 15,031 | 14,851 | 17,464 | 16,475 | 15,763 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Short-term borrowings | 8,841 | 3,554 | 3,505 | 4,873 | 6,289 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Long-term borrowings | 5,550 | 7,736 | 9,255 | 12,853 | 14,687 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Total liabilities | 86,548 | 74,937 | 94,892 | 103,895 | 128,707 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Non-controlling interests | — | — | 215 | 378 | 469 | S100W4QD, S100YEFT |
| Equity attributable to owners of parent | 29,822 | 41,118 | 60,422 | 84,376 | 102,763 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Retained earnings | -12,173 | -979 | 25,282 | 49,099 | 67,219 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |
| Treasury stock | -14 | -5 | -5 | -6 | -9 | S100RHUX, S100TTP5, S100W4QD, S100YEFT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YEFT |
| Property, plant and equipment | 14% | S100YEFT |
| Intangibles and goodwill | 0% | S100YEFT |
| Investment securities | 19% | S100YEFT |
| Other assets | 22% | S100YEFT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEFT |
| Other liabilities | 42% | S100YEFT |
| Equity | 52% | S100YEFT |

### 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 | 123,721 | 124,901 | 174,791 | 209,037 | 266,148 |
| Equity | 37,173 | 49,964 | 79,899 | 105,142 | 137,441 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,276 | 29,456 | 55,386 | 90,140 | 119,124 |

## 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) | 23.1% | S100YEFT |
| Fixed assets ÷ total assets | 13.8% | S100YEFT |
| Goodwill ÷ parent equity | — | —, S100YEFT |

### 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) | 44.8% |
| Cash ÷ revenue | 74.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.2% |
| Cash vs. profit gap | 17,236 JPY mn (of net income 79.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.1% |
| Shareholder payments — dividends / FCF | 10.9% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 24.2% |

## 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 | — | —× | -6.8% | —× | — | S100RHUX |
| 2023 | 9.0% | 1.00× | 9.0% | 3.50× | 31.6% | S100TTP5 |
| 2024 | 14.8% | 0.90× | 13.3% | 2.95× | 39.3% | S100W4QD |
| 2025 | 16.5% | 0.83× | 13.7% | 2.65× | 36.3% | S100YEFT |
| 2026 | 13.6% | 0.67× | 9.1% | 2.54× | 23.1% | S100YEFT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.7% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| Ｊ．Ｐ．ＭＯＲＧＡＮ ＢＡＮＫ ＬＵＸＥＭＢＯＵＲＧ Ｓ．Ａ．３８４５１３ （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.9% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ，Ｎ．Ａ． ＬＯＮＤＯＮＳＥＣＳ ＬＥＮＤＩＮＧ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| エア・ウォーター株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 大和工業株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YEFT | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEFT,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W4QD | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QD,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TTP5 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTP5,, |
| 訂正有価証券報告書－第124期(2022/04/01－2023/03/31) | S100RHUX | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHUX,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OF47 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF47,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LO2C | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO2C,, |

## 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).