# NGK 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160期(2025/04/01－2026/03/31) (S100YF7M)
> Page: https://vizora.meequs.com/en/company/ngk
> Retrieved: 2026-09-30T18:28:22.690Z

## Company

NGK, founded in 2011, is a company in Auto Parts listed on TSE Prime. It has 19,869 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NGK Corporation (旧英訳名 NGK INSULATORS, LTD.) (注) 2025年6月26日開催の第159回定時株主総会の決議により、2026年4月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 5333 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5333.T) |
| Listing | TSE Prime |
| Head office | 名古屋市瑞穂区須田町2番56号 |
| Representative (per filing) | 代表取締役社長 小林 茂 |
| Founded | Jun 2011 |
| Share capital | ¥70.1B |
| Employees (consolidated) | 19,869 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.ngk.co.jp (https://www.ngk.co.jp/) |
| Corporate number | 3180001010829 |
| EDINET | E01137 |
| Industries (Vizora) | Auto Parts, Batteries, Glass & Ceramics, Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100YF7M, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.6 | 17 |
| Profitability | 73.5 | 17 |
| Cash conversion | 71.9 | 16 |
| Efficiency | 55.9 | 17 |
| Financial strength | 30 | 5 |

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 NGK's sales come from Environment, with Digital Society and Energy and Industry Business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +16.9%.

## Company structure

- Segment revenue mix: Environment 59.6%、Digital Society 30.7%、Energy and Industry Business 9.7%
- Revenue → net income: ¥670125000000 → ¥60325000000
- Net income → operating cash flow: ¥60325000000 → ¥137989000000（difference ¥77664000000）
- Main uses of operating cash flow: CapEx ¥55470000000 / dividends ¥19841000000 / buybacks ¥15004000000
- Change in cash: ¥21935000000
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 | ¥670.1B |  |
| Operating income | ¥95B | Margin 14.2% |
| Net income | ¥59.9B | Margin 8.9% |
| Free cash flow | ¥82.5B |  |
| Largest business | Environment | of segment revenue 59.6% |
| Employees (consolidated) | 19,869 |  |
| EPS | ¥177.94 |  |
| Diluted EPS | ¥177.68 |  |
| Book value per share | ¥1435.01 |  |
| Equity ratio | 65.0% |  |
| Shares outstanding | 292,243,496 |  |
| Treasury shares | 4,632,400 |  |
| Shareholders | 41,762 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 16.1% | Net cash -¥9.41B · Cash ÷ revenue 29.8% |
| Vs. industry median margin | +9.4 pp | Auto Parts |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, employees 0% while operating income rose 17%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥452043000000 | ¥670125000000 | +48.2% |
| Operating income | ¥50823000000 | ¥94997000000 | +86.9% |
| Operating margin | 11.2% | 14.2% | +2.9 pp |
| Employees | 19,695 people | 19,869 people | +0.9% |
| Cash and equivalents | ¥146031000000 | ¥199643000000 | +36.7% |

### 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 |
| --- | ---: |
| エネルギーインフラ事業 → 事業再編・廃止 | 9.3% |
| セラミックス事業 → 事業再編・廃止 | 55.1% |
| エレクトロニクス事業 → 事業再編・廃止 | 12.0% |
| プロセステクノロジー事業 → 事業再編・廃止 | 23.7% |
| 新設・再編 → エンバイロメント事業 | 59.6% |
| 新設・再編 → デジタルソサエティ事業 | 30.7% |
| 新設・再編 → エネルギー＆インダストリー事業 | 9.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environment | 4 years | +8.1% | ¥399469000000 | 17.2% | 2 |
| Digital Society | 4 years | +8.1% | ¥205402000000 | 13.7% | 2 |
| Energy and Industry Business | 4 years | -0.8% | ¥65253000000 | -2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 670,125 | 100.0% | S100YF7M |
| Cost of revenue | 474,963 | 70.9% | S100YF7M |
| Gross profit | 195,161 | 29.1% | S100YF7M |
| SG&A | 100,163 | 14.9% | S100YF7M |
| Operating income | 94,997 | 14.2% | S100YF7M |
| Ordinary income | 95,202 | 14.2% | S100YF7M |
| Pretax income | 83,832 | 12.5% | S100YF7M |
| Income tax | 23,507 | 3.5% | S100YF7M |
| Net income | 60,325 | 9.0% | S100YF7M |
| Net income attributable to owners | 59,936 | 8.9% | S100YF7M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 15 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 29.1% → Operating margin 14.2% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +16.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.07×
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 | 619,513 | 670,125 | 50,612 | +8.2% |
| Gross profit | 175,972 | 195,161 | 19,189 | +10.9% |
| Operating income | 81,241 | 94,997 | 13,756 | +16.9% |
| Net income attributable to owners | 54,933 | 59,936 | 5,003 | +9.1% |
| Operating cash flow | 96,658 | 137,989 | 41,331 | +42.8% |
| Free cash flow | 52,910 | 82,519 | 29,609 | +56.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 441,956 | 55,000 | 12.4% | 27,135 | 53,200 | -42,171 | S100LS1Y |
| FY ending Mar 2021 | 452,043 | 50,823 | 11.2% | 38,496 | 85,641 | 32,299 | S100OH4J |
| FY ending Mar 2022 | 510,439 | 83,527 | 16.4% | 70,851 | 94,831 | 57,403 | S100R2OP |
| FY ending Mar 2023 | 559,240 | 66,761 | 11.9% | 55,048 | 97,949 | 54,796 | S100TSQE |
| FY ending Mar 2024 | 578,913 | 66,397 | 11.5% | 40,562 | 99,159 | 54,024 | S100W11A |
| FY ending Mar 2025 | 619,513 | 81,241 | 13.1% | 54,933 | 96,658 | 52,910 | S100YF7M |
| FY ending Mar 2026 | 670,125 | 94,997 | 14.2% | 59,936 | 137,989 | 82,519 | S100YF7M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.7M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3M |

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) | 20,099 | 20,077 | 19,540 | 19,931 | 19,869 |
| Average salary (parent company) | ¥7.7M | ¥8.2M | ¥8.6M | ¥8.5M | ¥9.2M |
| Average age (parent company) | 39.6 years | 39.4 years | 40.2 years | 40.5 years | 40.7 years |
| Average tenure (parent company) | 14.7 years | 14.8 years | 15.0 years | 15.2 years | 15.4 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environment | 399,469 | 59.6% | 68,617 | 17.2% |
| Digital Society | 205,402 | 30.7% | 28,105 | 13.7% |
| Energy and Industry Business | 65,253 | 9.7% | -1,322 | -2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environment | 59.6% | 70.9% | 11.3 | 17.2% |
| Digital Society | 30.7% | 29.1% | -1.6 | 13.7% |
| Energy and Industry Business | 9.7% | — | — | -2.0% |

Loss-making segment (excluded from profit shares): Energy and Industry Business -1,322 JPY mn

Segment → industry: Environment → Auto Parts / Energy and Industry Business → Batteries / Energy and Industry Business → Glass & Ceramics / Environment → Glass & Ceramics / Digital Society → Semiconductor Equipment / Digital Society → Electronic Components

## 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 | 137,989 | 20.6% | S100YF7M |
| Capital expenditure | 55,470 | 8.3% | S100YF7M |
| Free cash flow | 82,519 | 12.3% | 算出 |
| Investing cash flow | -77,121 | -11.5% | S100YF7M |
| Financing cash flow | -48,277 | -7.2% | S100YF7M |
| Dividends paid | 19,841 | 3.0% | S100YF7M |
| Share buyback | 15,004 | 2.2% | S100YF7M |
| Change in cash | 21,935 | 3.3% | S100YF7M |
| Cash and equivalents | 199,643 | 29.8% | S100YF7M |

## 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 | 154,855 | 168,863 | 171,432 | 177,708 | 199,643 | S100TSQE, S100W11A, S100YF7M |
| Total assets | 982,833 | 1,029,168 | 1,127,576 | 1,142,986 | 1,243,330 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Net assets | 589,594 | 642,446 | 703,225 | 727,506 | 817,352 | S100TSQE, S100W11A, S100YF7M |
| Share capital | 69,849 | 69,955 | 70,064 | 70,064 | 70,064 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Inventories | 188,336 | 214,423 | 239,063 | 241,936 | 232,835 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Property, plant and equipment | 375,312 | 366,446 | 371,903 | 356,636 | 369,184 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Intangible assets excluding goodwill | 6,196 | 6,414 | 6,659 | 6,153 | 6,191 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Investment securities | 59,052 | 58,223 | 76,709 | 68,892 | 85,252 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Current assets | 527,394 | 573,718 | 642,151 | 668,874 | 730,638 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Current liabilities | 151,790 | 149,507 | 175,803 | 178,912 | 167,056 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Trade payables | 44,328 | 44,872 | 50,269 | 45,827 | 48,847 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Short-term borrowings | 6,198 | 11,143 | 11,342 | 20,260 | 7,363 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Long-term borrowings | 178,888 | 167,353 | 155,086 | 138,766 | 139,686 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Bonds | 35,000 | 40,000 | 52,000 | 57,000 | 62,000 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Interest-bearing debt | 220,086 | 218,496 | 218,428 | 216,026 | 209,049 | 算出 |
| Total liabilities | 393,238 | 386,721 | 424,351 | 415,480 | 425,978 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Non-controlling interests | 5,505 | 6,116 | 6,947 | 6,925 | 8,114 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Equity attributable to owners of parent | 545,308 | 570,496 | 566,856 | 596,426 | 622,014 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Retained earnings | 416,205 | 440,530 | 451,550 | 464,800 | 492,019 | S100R2OP, S100TSQE, S100W11A, S100YF7M |
| Treasury stock | -10,944 | -10,294 | -25,155 | -8,828 | -10,458 | S100R2OP, S100TSQE, S100W11A, S100YF7M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YF7M |
| Inventories | 19% | S100YF7M |
| Property, plant and equipment | 30% | S100YF7M |
| Intangibles and goodwill | 0% | S100YF7M |
| Investment securities | 7% | S100YF7M |
| Other assets | 28% | S100YF7M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YF7M |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 13% | S100YF7M |
| Equity | 66% | S100YF7M |

### 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 | 982,833 | 1,029,168 | 1,127,576 | 1,142,986 | 1,243,330 |
| Equity | 589,594 | 642,446 | 703,225 | 727,506 | 817,352 |
| Interest-bearing debt | 220,086 | 218,496 | 218,428 | 216,026 | 209,049 |
| Cash | 154,855 | 168,863 | 171,432 | 177,708 | 199,643 |

## 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) | 55.1% | S100YF7M |
| Fixed assets ÷ total assets | 29.7% | S100YF7M |
| Goodwill ÷ parent equity | — | —, S100YF7M |

### 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) | 16.1% |
| Cash ÷ revenue | 29.8% |
| Net cash (cash − interest-bearing debt) | -¥9.41B |
| Net debt ÷ operating cash flow | 0.07× |
| Cash conversion (operating CF ÷ operating income) | 145.3% |
| Cash vs. profit gap | 78,053 JPY mn (of net income 130.2%) |
| Shareholder returns / net income | 58.1% |
| Shareholder returns / FCF | 42.2% |
| Shareholder payments — dividends / net income | 33.1% |
| Shareholder payments — dividends / FCF | 24.0% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 55.9% |

## 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 | 13.9% | 0.52× | 7.2% | 1.80× | 13.0% | S100R2OP |
| 2023 | 9.8% | 0.56× | 5.5% | 1.80× | 9.9% | S100TSQE |
| 2024 | 7.0% | 0.54× | 3.8% | 1.90× | 7.1% | S100W11A |
| 2025 | 8.9% | 0.55× | 4.8% | 1.95× | 9.4% | S100YF7M |
| 2026 | 8.9% | 0.56× | 5.0% | 1.96× | 9.8% | S100YF7M |

## 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 | 16.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 3.4% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| BNYM AS AGT／CLTS 10 PERCENT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥670.1B, up +8.2% from ¥619.5B.
- Operating income grew faster, rising +16.9% from ¥81.2B to ¥95B.
- Net income rose a smaller +9.1% to ¥59.9B. The report says this is because the company booked restructuring costs for ending its NAS battery business as an extraordinary loss.
- Operating cash flow jumped +42.8% to ¥138B, and free cash flow grew to ¥82.5B.

### Drivers

- Car-related products saw buying ahead of higher US tariffs, and demand stayed firm in the second half
- Demand for AI chips, plus some customers building up inventory, lifted sales of parts for chipmaking equipment
- US data center spending and grid upgrades in Japan kept insulator demand firm, but losses on NAS batteries left the Energy and Industry segment with an operating loss

### Risks

- If gasoline and diesel cars are replaced by EVs and fuel cell cars, demand for its exhaust ceramics could shift, and rising competitors in China could take market share
- The Digital Society business depends heavily on the chip cycle and on data center investment
- Export controls on semiconductors are getting more complex across countries, and delays in dealing with them could hurt results

Cited: Annual Securities Report (160th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (160th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第160期(2025/04/01－2026/03/31) | S100YF7M | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF7M,, |
| 有価証券報告書－第159期(2024/04/01－2025/03/31) | S100W11A | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W11A,, |
| 有価証券報告書－第158期(2023/04/01－2024/03/31) | S100TSQE | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSQE,, |
| 有価証券報告書－第157期(2022/04/01－2023/03/31) | S100R2OP | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2OP,, |
| 有価証券報告書－第156期(令和3年4月1日－令和4年3月31日) | S100OH4J | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH4J,, |
| 有価証券報告書－第155期(令和2年4月1日－令和3年3月31日) | S100LS1Y | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1Y,, |

## 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).