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NF HoldingsNF HOLDINGS CORPORATION6864東証スタンダード電気機器FY ending Mar 2026, consolidated, J-GAAP

NF Holdings revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed +0.6% from the prior year, operating profit +72.7%.

Five-year trend

Revenue¥9.14B
FY ending Mar 2022: ¥10.1B¥10.1BFY ending Mar 2023: ¥9.64B¥9.64BFY ending Mar 2024: ¥9.4B¥9.4BFY ending Mar 2025: ¥9.08B¥9.08BFY ending Mar 2026: ¥9.14B¥9.14BFY22FY23FY24FY25FY26
Operating income¥945.7M
FY ending Mar 2022: ¥952M¥952MFY ending Mar 2023: ¥467.7M¥467.7MFY ending Mar 2024: ¥418.9M¥418.9MFY ending Mar 2025: ¥547.6M¥547.6MFY ending Mar 2026: ¥945.7M¥945.7MFY22FY23FY24FY25FY26
Operating margin10.3%
FY ending Mar 2022: 9.4%9.4%FY ending Mar 2023: 4.9%4.9%FY ending Mar 2024: 4.5%4.5%FY ending Mar 2025: 6.0%6.0%FY ending Mar 2026: 10.3%10.3%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin7.1%
Asset turnover0.54×
ROA3.8%
ROA3.8%
Financial leverage1.33×
ROE5.1%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin7.1%
2022: 6.1%6.1%2023: 4.7%4.7%2024: 3.4%3.4%2025: 5.0%5.0%2026: 7.1%7.1%2223242526
Asset turnover0.54×
2022: 0.54×0.54×2023: 0.51×0.51×2024: 0.50×0.50×2025: 0.51×0.51×2026: 0.54×0.54×2223242526
ROA3.8%
2022: 3.3%3.3%2023: 2.4%2.4%2024: 1.7%1.7%2025: 2.5%2.5%2026: 3.8%3.8%2223242526
Financial leverage1.33×
2022: 1.57×1.57×2023: 1.56×1.56×2024: 1.54×1.54×2025: 1.45×1.45×2026: 1.33×1.33×2223242526
ROE5.1%
2022: 5.2%5.2%2023: 3.8%3.8%2024: 2.7%2.7%2025: 3.6%3.6%2026: 5.1%5.1%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20226.1%0.54×3.3%1.57×5.2%
20234.7%0.51×2.4%1.56×3.8%
20243.4%0.50×1.7%1.54×2.7%
20255.0%0.51×2.5%1.45×3.6%
20267.1%0.54×3.8%1.33×5.1%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue42.0%
2021: 32.3%32.3%2022: 35.5%35.5%2023: 40.7%40.7%2024: 40.6%40.6%2025: 40.4%40.4%2026: 42.0%42.0%212223242526
PPE ÷ total assets23.3%
2021: 18.2%18.2%2022: 19.3%19.3%2023: 20.8%20.8%2024: 20.5%20.5%2025: 21.2%21.2%2026: 23.3%23.3%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥638.6M
2021: ¥663M¥663M2022: ¥766M¥766M2023: ¥652M¥652M2024: ¥540.3M¥540.3M2025: ¥393.3M¥393.3M2026: ¥638.6M¥638.6M212223242526
R&D / revenue7.0%
2021: 6.2%6.2%2022: 7.5%7.5%2023: 6.8%6.8%2024: 5.7%5.7%2025: 4.3%4.3%2026: 7.0%7.0%212223242526
Receivable days—
2021: 98d98d212223242526
Payable days23d
2021: 50d50d2022: 37d37d2023: 29d29d2024: 25d25d2025: 18d18d2026: 23d23d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue10,1499,6429,4009,0839,138
Cost of revenue6,5186,4366,3385,8275,636
Gross profit3,6313,2063,0613,2563,502
SG&A2,6792,7392,6422,7082,556
Operating income952468419548946
Pretax income1,163772520647959
Income tax391269186389410
Net income attributable to owners615457324451648
Operating margin9.4%4.9%4.5%6.0%10.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 25%
Property, plant and equipment 23%
1%
2%
Other assets 49%

Funding

2%
Other liabilities 13%
Equity 85%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥3.53B¥2.56B¥2.7B¥3.68B¥4.2B
Total assets¥18.6B¥18.8B¥18.6B¥17.3B¥16.5B
Net assets¥13.4B¥13.7B¥13.9B¥13.7B¥14B
Share capital¥3.32B¥3.32B¥3.32B¥3.32B¥3.32B
Property, plant and equipment¥3.6B¥3.92B¥3.82B¥3.67B¥3.84B
Intangible assets excluding goodwill¥132.9M¥207.1M¥295.4M¥199.7M¥106.4M
Investment securities¥715.2M¥871.3M¥1.01B¥245.1M¥329M
Current assets¥13.9B¥13.5B¥13.2B¥12.9B¥11.9B
Current liabilities¥3.16B¥3.06B¥2.99B¥3.17B¥1.95B
Trade payables¥661.2M¥516.6M¥433.4M¥285M¥360M
Short-term borrowings¥320M¥220M¥210M¥1.11B—
Long-term borrowings¥1.53B¥1.51B¥1.41B¥300M¥300M
Bonds¥300M¥300M———
Interest-bearing debt¥2.15Bderived¥2.03Bderived———
Total liabilities¥5.22B¥5.11B¥4.69B¥3.65B¥2.47B
Non-controlling interests¥1.38B¥1.32B¥1.3B¥1.1B¥1.01B
Equity attributable to owners of parent¥11.9B¥12.1B¥12.2B¥12.5B¥12.9B
Retained earnings¥7.28B¥7.52B¥7.64B¥7.89B¥8.32B
Treasury stock-¥23.7M-¥23.7M-¥23.7M-¥23.7M-¥23.7M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第73期(2025/04/01－2026/03/31)

    ID S100YIMB2026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第72期(2024/04/01－2025/03/31)

    ID S100W49M2025-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第71期(2023/04/01－2024/03/31)

    ID S100TWI62024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第70期(2022/04/01－2023/03/31)

    ID S100R6RO2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第69期(令和3年4月1日－令和4年3月31日)

    ID S100OJ8V2022-06-29Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第68期(令和2年4月1日－令和3年3月31日)

    ID S100LV792021-07-02Open

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