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NGKNGK Corporation5333東証プライムガラス・土石製品FY ending Mar 2026, consolidated, J-GAAP

NGK FY ending Mar 2026 results

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%.

Revenue and profit pattern

Revenue and profit upProfit grew faster

Revenue +8.2% · profit +16.9%, calculated from disclosed figures.

Operating leverage: 2.07× (profit growth ÷ revenue growth)

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue
+8.2%¥619.5B → ¥670.1B
Gross profit
+10.9%¥176B → ¥195.2B
Operating income
+16.9%¥81.2B → ¥95B
Net income attributable to owners
+9.1%¥54.9B → ¥59.9B
Operating cash flow
+42.8%¥96.7B → ¥138B
Free cash flow
+56.0%¥52.9B → ¥82.5B

Results at a glance

  • 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.

What drove the change

  • 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

Things to watch

  • 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

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

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

Where ¥100 of sales goes

For every ¥100 NGK sells, how much goes where, and how much is kept.

FY ending Mar 2026
Cost of sales
¥71
SG&A
¥15
Operating profit
¥14
Net profit kept
¥9

Annual margin trends

Gross margin29.1%
FY ending Mar 2021: 27.2%27.2%FY ending Mar 2022: 31.9%31.9%FY ending Mar 2023: 27.5%27.5%FY ending Mar 2024: 26.9%26.9%FY ending Mar 2025: 28.4%28.4%FY ending Mar 2026: 29.1%29.1%FY21FY22FY23FY24FY25FY26
Operating margin14.2%
FY ending Mar 2021: 11.2%11.2%FY ending Mar 2022: 16.4%16.4%FY ending Mar 2023: 11.9%11.9%FY ending Mar 2024: 11.5%11.5%FY ending Mar 2025: 13.1%13.1%FY ending Mar 2026: 14.2%14.2%FY21FY22FY23FY24FY25FY26
Net margin8.9%
FY ending Mar 2021: 8.5%8.5%FY ending Mar 2022: 13.9%13.9%FY ending Mar 2023: 9.8%9.8%FY ending Mar 2024: 7.0%7.0%FY ending Mar 2025: 8.9%8.9%FY ending Mar 2026: 8.9%8.9%FY21FY22FY23FY24FY25FY26

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第160期(2025/04/01－2026/03/31)

    ID S100YF7M2026-06-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第159期(2024/04/01－2025/03/31)

    ID S100W11A2025-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第158期(2023/04/01－2024/03/31)

    ID S100TSQE2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第157期(2022/04/01－2023/03/31)

    ID S100R2OP2023-06-26Open

  • EDINET (FSA Japan)

    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)

    ID S100OH4J2022-06-27Open

  • EDINET (FSA Japan)

    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)

    ID S100LS1Y2021-06-28Open

Extracted from XBRL: 56 / Derived from other figures: 2

Spotted an error? Report it (corrections keep the original record)

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