# NASU DENKI-TEKKO 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104期(2025/04/01－2026/03/31) (S100YJYT)
> Page: https://vizora.meequs.com/en/company/nasu-denki-tekko
> Retrieved: 2026-09-30T18:27:10.953Z

## Company

Nasu Denki-Tekko, founded in 1929, is a company in Electrical Equipment listed on TSE Standard. It has 464 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NASU DENKI-TEKKO CO.,LTD. |
| Ticker | 5922 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5922.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿二丁目1番12号 |
| Representative (per filing) | 代表取締役社長 鈴木智晴 |
| Founded | Jun 1929 |
| Share capital | ¥600M |
| Employees (consolidated) | 464 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.nasudenki.co.jp (https://www.nasudenki.co.jp/) |
| Corporate number | 5011101015468 |
| EDINET | E01365 |
| Industries (Vizora) | Electrical Equipment, General Contractors |

> Profile source: annual securities report (S100YJYT, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 24 |
| Profitability | 89.6 | 24 |
| Cash conversion | 54.3 | 23 |
| Efficiency | 6 | 25 |

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 Nasu Denki-Tekko's sales come from Electric and communication infrastructure related, with Transportation infrastructure related making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +13.0%.

## Company structure

- Segment revenue mix: Electric and communication infrastructure related 82.5%、Transportation infrastructure related 17.5%
- Revenue → net income: ¥23747299000 → ¥2528383000
- Net income → operating cash flow: ¥2528383000 → ¥2652168000（difference ¥123785000）
- Main uses of operating cash flow: CapEx ¥353510000 / dividends ¥524847000 / buybacks ¥1714000
- Change in cash: ¥793637000
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 | ¥23.7B |  |
| Operating income | ¥3.15B | Margin 13.3% |
| Net income | ¥2.48B | Margin 10.5% |
| Free cash flow | ¥2.3B |  |
| Largest business | Electric and communication infrastructure related | of segment revenue 82.5% |
| Employees (consolidated) | 464 |  |
| EPS | ¥1605.44 |  |
| Book value per share | ¥24683.53 |  |
| Equity ratio | 69.7% |  |
| Shares outstanding | 1,200,000 |  |
| Treasury shares | 33,700 |  |
| Shareholders | 1,158 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 34.6% |
| Vs. industry median margin | +4.8 pp | Electrical Equipment |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, employees -2% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21588037000 | ¥23747299000 | +10.0% |
| Operating income | ¥1779587000 | ¥3147274000 | +76.9% |
| Operating margin | 8.2% | 13.3% | +5 pp |
| Employees | 522 people | 464 people | -11.1% |
| Cash and equivalents | ¥6695210000 | ¥8218000000 | +22.7% |

### 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 |
| --- | ---: |
| 電力・通信関連事業 → 事業再編・廃止 | 60.7% |
| 建築・道路関連事業 → 事業再編・廃止 | 20.9% |
| 碍子・樹脂関連事業 → 事業再編・廃止 | 18.4% |
| 新設・再編 → 電力・通信インフラ事業 | 82.5% |
| 新設・再編 → 交通インフラ事業 | 17.5% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,747 | 100.0% | S100YJYT |
| Cost of revenue | 18,560 | 78.2% | S100YJYT |
| Gross profit | 5,187 | 21.8% | S100YJYT |
| SG&A | 2,040 | 8.6% | S100YJYT |
| Operating income | 3,147 | 13.3% | S100YJYT |
| Ordinary income | 3,398 | 14.3% | S100YJYT |
| Pretax income | 3,594 | 15.1% | S100YJYT |
| Income tax | 1,066 | 4.5% | S100YJYT |
| Net income | 2,528 | 10.6% | S100YJYT |
| Net income attributable to owners | 2,483 | 10.5% | S100YJYT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 9 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 21.8% → Operating margin 13.3% → Net margin 10.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +13.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.70×
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 | 22,940 | 23,747 | 807 | +3.5% |
| Gross profit | 4,877 | 5,187 | 311 | +6.4% |
| Operating income | 2,785 | 3,147 | 363 | +13.0% |
| Net income attributable to owners | 1,885 | 2,483 | 598 | +31.7% |
| Operating cash flow | 1,710 | 2,652 | 942 | +55.1% |
| Free cash flow | 387 | 2,299 | 1,911 | +493.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,681 | 2,013 | 9.3% | 5,288 | 2,260 | 1,623 | S100LSZW |
| FY ending Mar 2021 | 21,588 | 1,780 | 8.2% | 1,070 | -655 | -1,068 | S100OJ05 |
| FY ending Mar 2022 | 22,958 | 2,835 | 12.3% | 2,574 | 4,029 | 3,046 | S100R653 |
| FY ending Mar 2023 | 22,056 | 2,447 | 11.1% | 1,856 | 3,041 | 652 | S100TTTO |
| FY ending Mar 2024 | 23,335 | 2,648 | 11.3% | 1,851 | 3,210 | 677 | S100W4OT |
| FY ending Mar 2025 | 22,940 | 2,785 | 12.1% | 1,885 | 1,710 | 387 | S100YJYT |
| FY ending Mar 2026 | 23,747 | 3,147 | 13.3% | 2,483 | 2,652 | 2,299 | S100YJYT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.2M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 511 | 510 | 490 | 475 | 464 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.2M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 44.5 years | 45.2 years | 45.1 years | 45.0 years | 45.4 years |
| Average tenure (parent company) | 15.0 years | 15.6 years | 16.3 years | 17.0 years | 17.9 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric and communication infrastructure related | 19,589 | 82.5% | 3,069 | 15.7% |
| Transportation infrastructure related | 4,158 | 17.5% | 489 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric and communication infrastructure related | 82.5% | 86.3% | 3.8 | 15.7% |
| Transportation infrastructure related | 17.5% | 13.7% | -3.8 | 11.8% |

Segment → industry: Electric and communication infrastructure related → Electrical Equipment / Transportation infrastructure related → General Contractors

## 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 | 2,652 | 11.2% | S100YJYT |
| Capital expenditure | 354 | 1.5% | S100YJYT |
| Free cash flow | 2,299 | 9.7% | 算出 |
| Investing cash flow | -330 | -1.4% | S100YJYT |
| Financing cash flow | -1,529 | -6.4% | S100YJYT |
| Dividends paid | 525 | 2.2% | S100YJYT |
| Share buyback | 2 | 0.0% | S100YJYT |
| Change in cash | 794 | 3.3% | S100YJYT |
| Cash and equivalents | 8,218 | 34.6% | S100YJYT |

## 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 | 8,536 | 8,224 | 8,771 | 7,424 | 8,218 | S100TTTO, S100W4OT, S100YJYT |
| Total assets | 40,427 | 40,776 | 44,234 | 43,642 | 47,563 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Net assets | 22,970 | 24,715 | 27,282 | 29,142 | 33,538 | S100TTTO, S100W4OT, S100YJYT |
| Share capital | 600 | 600 | 600 | 600 | 600 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Property, plant and equipment | 13,989 | 15,502 | 17,366 | 16,769 | 15,747 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Intangible assets excluding goodwill | 330 | 253 | 174 | 164 | 131 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Investment securities | 2,111 | 2,315 | 3,911 | 5,295 | 9,026 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Current assets | 20,117 | 18,987 | 19,264 | 17,954 | 19,201 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Current liabilities | 8,068 | 7,837 | 8,840 | 5,932 | 6,503 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Trade payables | 2,909 | 1,744 | 1,669 | 1,544 | 1,467 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Short-term borrowings | 540 | 100 | 40 | 70 | 86 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Long-term borrowings | 2,605 | 2,309 | 2,050 | 2,799 | 823 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Bonds | 1,195 | 400 | 300 | — | — | S100R653, S100TTTO, S100W4OT |
| Interest-bearing debt | 4,340 | 2,809 | 2,390 | — | — | 算出 |
| Total liabilities | 17,457 | 16,061 | 16,953 | 14,500 | 14,026 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Non-controlling interests | 228 | 248 | 285 | 310 | 363 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Equity attributable to owners of parent | 18,935 | 20,549 | 22,167 | 23,737 | 25,694 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Retained earnings | 18,394 | 20,001 | 21,619 | 23,189 | 25,148 | S100R653, S100TTTO, S100W4OT, S100YJYT |
| Treasury stock | -80 | -80 | -80 | -80 | -82 | S100R653, S100TTTO, S100W4OT, S100YJYT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJYT |
| Property, plant and equipment | 33% | S100YJYT |
| Intangibles and goodwill | 0% | S100YJYT |
| Investment securities | 19% | S100YJYT |
| Other assets | 31% | S100YJYT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJYT |
| Other liabilities | 26% | S100YJYT |
| Equity | 71% | S100YJYT |

### 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 | 40,427 | 40,776 | 44,234 | 43,642 | 47,563 |
| Equity | 22,970 | 24,715 | 27,282 | 29,142 | 33,538 |
| Interest-bearing debt | 4,340 | 2,809 | 2,390 | — | — |
| Cash | 8,536 | 8,224 | 8,771 | 7,424 | 8,218 |

## 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) | 66.3% | S100YJYT |
| Fixed assets ÷ total assets | 33.1% | S100YJYT |
| Goodwill ÷ parent equity | — | —, S100YJYT |

### 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) | 17.3% |
| Cash ÷ revenue | 34.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.3% |
| Cash vs. profit gap | 169 JPY mn (of net income 6.8%) |
| Shareholder returns / net income | 21.2% |
| Shareholder returns / FCF | 22.9% |
| Shareholder payments — dividends / net income | 21.1% |
| Shareholder payments — dividends / FCF | 22.8% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 12.4% |

## 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 | 11.2% | 0.57× | 6.4% | 2.14× | 13.6% | S100R653 |
| 2023 | 8.4% | 0.54× | 4.6% | 2.06× | 9.4% | S100TTTO |
| 2024 | 7.9% | 0.55× | 4.4% | 1.99× | 8.7% | S100W4OT |
| 2025 | 8.2% | 0.52× | 4.3% | 1.91× | 8.2% | S100YJYT |
| 2026 | 10.5% | 0.52× | 5.4% | 1.85× | 10.0% | S100YJYT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＩＰＰＯＮ ＡＣＴＩＶＥ ＶＡＬＵＥ ＦＵＮＤ ＰＬＣ（常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ 部長 角田武士） | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社ケー・エフ・シー | Major shareholder | 5.8% | 2026-03-31 |
| 那須 幹生 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2026-03-31 |
| ＮＡＶＦ ＳＥＬＥＣＴ ＬＬＣ （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ 部長 角田武士） | Major shareholder | 3.5% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社巴コーポレーション | Major shareholder | 3.0% | 2026-03-31 |
| 山洋電気株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| エムエム建材株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YJYT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJYT,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W4OT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4OT,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TTTO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTTO,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100R653 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R653,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OJ05 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ05,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LSZW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSZW,, |

## 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).