# NANYO CORPORATION: 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72期(2025/04/01－2026/03/31) (S100YCGG)
> Page: https://vizora.meequs.com/en/company/nanyo
> Retrieved: 2026-09-30T20:25:04.917Z

## Company

Nanyo, founded in 1953, is a company in Cement & Concrete listed on TSE Standard. It has 521 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NANYO CORPORATION |
| Ticker | 7417 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7417.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区博多駅前3丁目19番8号 |
| Representative (per filing) | 代表取締役社長 篠崎学 |
| Founded | Aug 1953 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 521 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.nanyo.co.jp (https://www.nanyo.co.jp/) |
| Corporate number | 5290001015146 |
| EDINET | E02792 |
| Industries (Vizora) | Cement & Concrete, Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCGG, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26 | 179 |
| Profitability | 92.2 | 185 |
| Cash conversion | 75.1 | 179 |
| Efficiency | 10.5 | 185 |

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 60% of Nanyo's sales come from Industrial machine, with Construction machinery and Macadamizing making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -1.5%.

## Company structure

- Segment revenue mix: Industrial machine 59.7%、Construction machinery 39.1%、Macadamizing 1.2%
- Revenue → net income: ¥36815000000 → ¥2356000000
- Net income → operating cash flow: ¥2356000000 → ¥4106000000（difference ¥1750000000）
- Main uses of operating cash flow: CapEx ¥1629000000 / dividends ¥724000000 / buybacks ¥372000000
- Change in cash: ¥1492000000
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 | ¥36.8B |  |
| Operating income | ¥2.81B | Margin 7.6% |
| Net income | ¥2.36B | Margin 6.4% |
| Free cash flow | ¥2.48B |  |
| Largest business | Industrial machine | of segment revenue 59.7% |
| Employees (consolidated) | 521 |  |
| EPS | ¥92.35 |  |
| Book value per share | ¥1305.54 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 13,230,140 |  |
| Treasury shares | 983,700 |  |
| Shareholders | 14,404 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 28.4% |
| Vs. industry median margin | +4.8 pp | Specialty Trading & Wholesale |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32406000000 | ¥36815000000 | +13.6% |
| Operating income | ¥1862000000 | ¥2809000000 | +50.9% |
| Operating margin | 5.7% | 7.6% | +1.9 pp |
| Employees | 440 people | 521 people | +18.4% |
| Cash and equivalents | ¥8161000000 | ¥10465000000 | +28.2% |

### 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 |
| --- | ---: |
| 建設機械事業 → 建設機械事業 | 39.1% |
| 建設機械事業 → 事業再編・廃止 | 0.9% |
| 産業機器事業 → 産業機器事業 | 58.5% |
| 砕石事業 → 砕石事業 | 1.2% |
| 砕石事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 産業機器事業 | 1.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial machine | 5 years | +3.0% | ¥21988000000 | 6.4% | 2 |
| Construction machinery | 5 years | +2.1% | ¥14390000000 | 14.7% | 2 |
| Macadamizing | 5 years | -2.2% | ¥436000000 | 10.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,815 | 100.0% | S100YCGG |
| Cost of revenue | 28,914 | 78.5% | S100YCGG |
| Gross profit | 7,900 | 21.5% | S100YCGG |
| SG&A | 5,091 | 13.8% | S100YCGG |
| Operating income | 2,809 | 7.6% | S100YCGG |
| Ordinary income | 3,050 | 8.3% | S100YCGG |
| Pretax income | 3,477 | 9.4% | S100YCGG |
| Income tax | 1,120 | 3.0% | S100YCGG |
| Net income | 2,356 | 6.4% | S100YCGG |
| Net income attributable to owners | 2,356 | 6.4% | S100YCGG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 14 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.5% → Operating margin 7.6% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -1.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.92×
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 | 36,535 | 36,815 | 280 | +0.8% |
| Gross profit | 7,748 | 7,900 | 152 | +2.0% |
| Operating income | 2,851 | 2,809 | -42 | -1.5% |
| Net income attributable to owners | 2,038 | 2,356 | 318 | +15.6% |
| Operating cash flow | 4,936 | 4,106 | -830 | -16.8% |
| Free cash flow | 2,788 | 2,477 | -311 | -11.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,319 | 2,116 | 6.2% | 1,387 | 3,806 | 2,394 | S100LKIZ |
| FY ending Mar 2021 | 32,406 | 1,862 | 5.7% | 1,329 | 5,664 | 2,505 | S100OAOK |
| FY ending Mar 2022 | 34,818 | 2,399 | 6.9% | 1,739 | 2,726 | 194 | S100R2GA |
| FY ending Mar 2023 | 39,339 | 2,967 | 7.5% | 2,146 | 1,688 | -790 | S100TNP5 |
| FY ending Mar 2024 | 37,991 | 2,785 | 7.3% | 1,991 | 5,247 | 2,997 | S100VYK9 |
| FY ending Mar 2025 | 36,535 | 2,851 | 7.8% | 2,038 | 4,936 | 2,788 | S100YCGG |
| FY ending Mar 2026 | 36,815 | 2,809 | 7.6% | 2,356 | 4,106 | 2,477 | S100YCGG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.7M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 450 | 475 | 508 | 504 | 521 |
| Average salary (parent company) | ¥6M | ¥6.4M | ¥6.3M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 41.5 years | 41.8 years | 41.7 years | 41.9 years | 41.3 years |
| Average tenure (parent company) | 12.6 years | 13.0 years | 13.3 years | 13.1 years | 12.5 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction machinery | 14,390 | 39.1% | 2,118 | 14.7% |
| Industrial machine | 21,988 | 59.7% | 1,418 | 6.4% |
| Macadamizing | 436 | 1.2% | 47 | 10.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction machinery | 39.1% | 59.1% | 20.0 | 14.7% |
| Industrial machine | 59.7% | 39.6% | -20.2 | 6.4% |
| Macadamizing | 1.2% | 1.3% | 0.1 | 10.8% |

Segment → industry: Macadamizing → Cement & Concrete / Construction machinery → Leasing / Industrial machine → Specialty Trading & Wholesale / Construction machinery → Specialty Trading & Wholesale

## 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 | 4,106 | 11.2% | S100YCGG |
| Capital expenditure | 1,629 | 4.4% | S100YCGG |
| Free cash flow | 2,477 | 6.7% | 算出 |
| Investing cash flow | -1,283 | -3.5% | S100YCGG |
| Financing cash flow | -1,340 | -3.6% | S100YCGG |
| Dividends paid | 724 | 2.0% | S100YCGG |
| Share buyback | 372 | 1.0% | S100YCGG |
| Change in cash | 1,492 | 4.1% | S100YCGG |
| Cash and equivalents | 10,465 | 28.4% | S100YCGG |

## 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 | 7,971 | 6,192 | 7,123 | 8,972 | 10,465 | S100TNP5, S100VYK9, S100YCGG |
| Total assets | 37,310 | 41,064 | 42,886 | 41,201 | 42,137 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Net assets | 20,880 | 22,723 | 24,692 | 25,663 | 27,492 | S100TNP5, S100VYK9, S100YCGG |
| Share capital | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Property, plant and equipment | 10,827 | 11,637 | 11,814 | 11,908 | 12,420 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Intangible assets excluding goodwill | 109 | 552 | 707 | 559 | 389 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Goodwill | — | 369 | 340 | 253 | 165 | S100TNP5, S100VYK9, S100YCGG |
| Investment securities | 1,959 | 2,299 | 3,672 | 3,052 | 3,813 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Current assets | 24,079 | 26,199 | 26,296 | 25,183 | 24,899 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Current liabilities | 15,472 | 17,340 | 16,775 | 14,401 | 13,217 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Trade payables | 6,077 | 6,958 | 7,315 | 5,530 | 5,125 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Short-term borrowings | 1,180 | 1,625 | 1,000 | 950 | 950 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Total liabilities | 16,429 | 18,340 | 18,193 | 15,538 | 14,644 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Equity attributable to owners of parent | 19,900 | 21,535 | 22,555 | 23,944 | 25,219 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Retained earnings | 17,925 | 19,549 | 20,896 | 22,272 | 23,905 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |
| Treasury stock | -227 | -221 | -556 | -547 | -910 | S100R2GA, S100TNP5, S100VYK9, S100YCGG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YCGG |
| Property, plant and equipment | 30% | S100YCGG |
| Intangibles and goodwill | 1% | S100YCGG |
| Investment securities | 9% | S100YCGG |
| Other assets | 35% | S100YCGG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YCGG |
| Other liabilities | 23% | S100YCGG |
| Equity | 65% | S100YCGG |
| Other liabilities | 0% | S100YCGG |

### 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 | 37,310 | 41,064 | 42,886 | 41,201 | 42,137 |
| Equity | 20,880 | 22,723 | 24,692 | 25,663 | 27,492 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,971 | 6,192 | 7,123 | 8,972 | 10,465 |

## 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) | 33.7% | S100YCGG |
| Fixed assets ÷ total assets | 29.5% | S100YCGG |
| Goodwill ÷ parent equity | 0.7% | S100YCGG |

### 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) | 24.8% |
| Cash ÷ revenue | 28.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.2% |
| Cash vs. profit gap | 1,750 JPY mn (of net income 74.3%) |
| Shareholder returns / net income | 46.5% |
| Shareholder returns / FCF | 44.2% |
| Shareholder payments — dividends / net income | 30.7% |
| Shareholder payments — dividends / FCF | 29.2% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 31.2% |

## 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 | 5.0% | 0.93× | 4.7% | 1.87× | 8.7% | S100R2GA |
| 2023 | 5.5% | 1.00× | 5.5% | 1.89× | 10.4% | S100TNP5 |
| 2024 | 5.2% | 0.91× | 4.7% | 1.90× | 9.0% | S100VYK9 |
| 2025 | 5.6% | 0.87× | 4.8% | 1.81× | 8.8% | S100YCGG |
| 2026 | 6.4% | 0.88× | 5.7% | 1.70× | 9.6% | S100YCGG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 武 内 英一郎 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 小 林 敬 子 | Major shareholder | 3.2% | 2026-03-31 |
| 白 江 や す | Major shareholder | 2.8% | 2026-03-31 |
| 松 本 智 子 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 三 宅 貴 子 | Major shareholder | 2.4% | 2026-03-31 |
| 長谷川 猛 夫 | Major shareholder | 2.3% | 2026-03-31 |
| 武 内 八 郎 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YCGG | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCGG,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100VYK9 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYK9,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TNP5 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNP5,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R2GA | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2GA,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OAOK | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAOK,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LKIZ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKIZ,, |

## 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).