# NFK HOLDINGS 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84期(2025/04/01－2026/03/31) (S100YL8X)
> Page: https://vizora.meequs.com/en/company/nfk-holdings
> Retrieved: 2026-09-30T23:26:54.036Z

## Company

NFK Holdings, founded in 1950, is a company in Industrial Machinery listed on TSE Standard. It has 207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NFK HOLDINGS CO.,LTD. |
| Ticker | 6494 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6494.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山七丁目8番4号 |
| Representative (per filing) | 代表取締役社長 豊田 悦章 |
| Founded | Jun 1950 |
| Share capital | ¥100M |
| Employees (consolidated) | 207 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.nfk-hd.co.jp (https://www.nfk-hd.co.jp/) |
| Corporate number | 9020001018394 |
| EDINET | E01648 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YL8X, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.1 | 110 |
| Profitability | 48.8 | 122 |
| Cash conversion | 49.6 | 116 |
| Efficiency | 10.2 | 122 |

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 51% of NFK Holdings's sales come from Industrial furnace and combustion equipment business, with Electronics business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +76.9% from the prior year, operating profit +98.9%.

## Company structure

- Segment revenue mix: Industrial furnace and combustion equipment business 51.3%、Electronics business 48.7%
- Revenue → net income: ¥3683444000 → ¥83974000
- Net income → operating cash flow: ¥83974000 → ¥270333000（difference ¥186359000）
- Main uses of operating cash flow: CapEx ¥36887000 / dividends — / buybacks —
- Change in cash: ¥1253907000
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 | ¥3.68B |  |
| Operating income | ¥272.7M | Margin 7.4% |
| Net income | ¥88.4M | Margin 2.4% |
| Free cash flow | ¥233.4M |  |
| Largest business | Industrial furnace and combustion equipment business | of segment revenue 51.3% |
| Employees (consolidated) | 207 |  |
| EPS | ¥2.37 |  |
| Diluted EPS | ¥2.34 |  |
| Book value per share | ¥115.77 |  |
| Equity ratio | 71.4% |  |
| Shares outstanding | 48,744,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 8,717 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 47.0% | Cash ÷ revenue 104.2% |
| Vs. industry median margin | -0.2 pp | Industrial Machinery |
| ROE | 1.6% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2309458000 | ¥3683444000 | +59.5% |
| Operating income | ¥168030000 | ¥272677000 | +62.3% |
| Operating margin | 7.3% | 7.4% | +0.1 pp |
| Employees | 82 people | 207 people | +152.4% |
| Cash and equivalents | ¥2246180000 | ¥3837648000 | +70.9% |

### 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 |
| --- | ---: |
| 工業炉燃焼装置関連 → 事業再編・廃止 | 100.0% |
| 新設・再編 → 工業炉燃焼装置関連事業 | 51.3% |
| 新設・再編 → エレクトロニクス事業 | 48.7% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,683 | 100.0% | S100YL8X |
| Cost of revenue | 2,524 | 68.5% | S100YL8X |
| Gross profit | 1,160 | 31.5% | S100YL8X |
| SG&A | 887 | 24.1% | S100YL8X |
| Operating income | 273 | 7.4% | S100YL8X |
| Ordinary income | 279 | 7.6% | S100YL8X |
| Pretax income | 157 | 4.2% | S100YL8X |
| Income tax | 73 | 2.0% | S100YL8X |
| Net income | 84 | 2.3% | S100YL8X |
| Net income attributable to owners | 88 | 2.4% | S100YL8X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 31.5% → Operating margin 7.4% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +76.9%; Core profit growth: +98.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
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 | 2,082 | 3,683 | 1,601 | +76.9% |
| Gross profit | 589 | 1,160 | 571 | +96.9% |
| Operating income | 137 | 273 | 136 | +98.9% |
| Net income attributable to owners | 106 | 88 | -17 | -16.4% |
| Operating cash flow | 4 | 270 | 266 | +6131.7% |
| Free cash flow | -7 | 233 | 240 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,668 | 39 | 1.5% | -166 | -379 | -383 | S100LOIJ |
| FY ending Mar 2021 | 2,309 | 168 | 7.3% | 202 | 435 | 326 | S100OH9R |
| FY ending Mar 2022 | 1,946 | 89 | 4.6% | 128 | 301 | 203 | S100R7BS |
| FY ending Mar 2023 | 2,157 | 152 | 7.1% | 123 | -4 | -19 | S100TUO4 |
| FY ending Mar 2024 | 2,128 | 127 | 6.0% | 791 | 484 | 289 | S100W6WX |
| FY ending Mar 2025 | 2,082 | 137 | 6.6% | 106 | 4 | -7 | S100YL8X |
| FY ending Mar 2026 | 3,683 | 273 | 7.4% | 88 | 270 | 233 | S100YL8X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.8M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥426.8K |

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) | 81 | 83 | 85 | 83 | 207 |
| Average salary (parent company) | ¥7.7M | ¥6.1M | ¥6.4M | ¥6M | ¥6.6M |
| Average age (parent company) | 51.0 years | 58.0 years | 59.0 years | 60.0 years | 55.0 years |
| Average tenure (parent company) | 17.0 years | 12.0 years | 13.0 years | 14.0 years | 21.0 years |

Year over year: Employees (consolidated) +149.4% · Revenue (consolidated) +76.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial furnace and combustion equipment business | 1,888 | 51.3% | 37 | 2.0% |
| Electronics business | 1,791 | 48.7% | 115 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial furnace and combustion equipment business | 51.3% | 24.3% | -27.0 | 2.0% |
| Electronics business | 48.7% | 75.7% | 27.0 | 6.4% |

Segment → industry: Industrial furnace and combustion equipment business → 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 | 270 | 7.3% | S100YL8X |
| Capital expenditure | 37 | 1.0% | S100YL8X |
| Free cash flow | 233 | 6.3% | 算出 |
| Investing cash flow | 885 | 24.0% | S100YL8X |
| Financing cash flow | 97 | 2.6% | S100YL8X |
| Change in cash | 1,254 | 34.0% | S100YL8X |
| Cash and equivalents | 3,838 | 104.2% | S100YL8X |

## 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 | 1,421 | 1,385 | 2,649 | 2,584 | 3,838 | S100TUO4, S100W6WX, S100YL8X |
| Total assets | 4,584 | 5,400 | 5,643 | 5,743 | 8,165 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Net assets | 3,704 | 4,347 | 5,042 | 5,157 | 6,540 | S100TUO4, S100W6WX, S100YL8X |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Property, plant and equipment | 973 | 956 | 457 | 443 | 585 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Intangible assets excluding goodwill | 5 | 2 | 1 | 1 | 440 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Goodwill | — | — | — | — | 438 | S100YL8X |
| Investment securities | 1,054 | 1,587 | 1,481 | 1,491 | 892 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Current assets | 2,291 | 2,594 | 3,437 | 3,772 | 6,041 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Current liabilities | 327 | 672 | 427 | 408 | 977 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Trade payables | 221 | 356 | 172 | 280 | 446 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Short-term borrowings | 15 | 8 | 8 | 12 | — | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Long-term borrowings | 240 | 37 | 31 | 25 | 498 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Total liabilities | 880 | 1,053 | 601 | 586 | 1,625 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Non-controlling interests | — | — | — | — | 684 | S100YL8X |
| Equity attributable to owners of parent | 3,254 | 3,911 | 5,084 | 5,189 | 5,813 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Retained earnings | 347 | 469 | 1,642 | 1,748 | 1,836 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R7BS, S100TUO4, S100W6WX, S100YL8X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YL8X |
| Property, plant and equipment | 7% | S100YL8X |
| Intangibles and goodwill | 11% | S100YL8X |
| Investment securities | 11% | S100YL8X |
| Other assets | 24% | S100YL8X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YL8X |
| Other liabilities | 14% | S100YL8X |
| Equity | 80% | S100YL8X |

### 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 | 4,584 | 5,400 | 5,643 | 5,743 | 8,165 |
| Equity | 3,704 | 4,347 | 5,042 | 5,157 | 6,540 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,421 | 1,385 | 2,649 | 2,584 | 3,838 |

## 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) | 15.9% | S100YL8X |
| Fixed assets ÷ total assets | 7.2% | S100YL8X |
| Goodwill ÷ parent equity | 7.5% | S100YL8X |

### 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) | 47.0% |
| Cash ÷ revenue | 104.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.1% |
| Cash vs. profit gap | 182 JPY mn (of net income 206.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 327.2% |

## 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 | 6.6% | 0.42× | 2.8% | 1.41× | 3.9% | S100R7BS |
| 2023 | 5.7% | 0.43× | 2.5% | 1.39× | 3.4% | S100TUO4 |
| 2024 | 37.2% | 0.39× | 14.3% | 1.23× | 17.6% | S100W6WX |
| 2025 | 5.1% | 0.37× | 1.9% | 1.11× | 2.1% | S100YL8X |
| 2026 | 2.4% | 0.53× | 1.3% | 1.26× | 1.6% | S100YL8X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｚ株式会社 | Major shareholder | 12.6% | 2026-03-31 |
| 株式会社船カンショートコース | Major shareholder | 10.3% | 2026-03-31 |
| 株式会社船橋カントリー倶楽部 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社広共 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社トーテム | Major shareholder | 3.7% | 2026-03-31 |
| オリンピア工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2026-03-31 |
| 渡辺 正博 | Major shareholder | 1.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YL8X | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL8X,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W6WX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6WX,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TUO4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUO4,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R7BS | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7BS,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OH9R | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH9R,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LOIJ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOIJ,, |

## 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).