# NICHIA STEEL WORKS,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74期(2025/04/01－2026/03/31) (S100YIXZ)
> Page: https://vizora.meequs.com/en/company/nichia-steel-works
> Retrieved: 2026-09-30T17:59:38.550Z

## Company

Nichia Steel Works, founded in 1918, is a company in Steel listed on TSE Standard. It has 827 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIA STEEL WORKS, LTD. |
| Ticker | 5658 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5658.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市中浜町19番地 |
| Representative (per filing) | 代表取締役社長 大西 利典 |
| Founded | Mar 1918 |
| Share capital | ¥10.7B |
| Employees (consolidated) | 827 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.nichiasteel.co.jp (https://www.nichiasteel.co.jp/) |
| Corporate number | 7140001050536 |
| EDINET | E01287 |
| Industries (Vizora) | Steel, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIXZ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.8 | 33 |
| Profitability | 52.9 | 35 |
| Cash conversion | 66.1 | 31 |
| Efficiency | 4.3 | 35 |

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 Nichia Steel Works's sales come from Special steel wire rods, with Ordinary steel wire rods and Tack wire rods making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit +6.1%.

## Company structure

- Segment revenue mix: Special steel wire rods 51.0%、Ordinary steel wire rods 27.1%、Tack wire rods 19.7%、Other 1.6%、Real estate leasing 0.5%
- Revenue → net income: ¥33793398000 → ¥1229626000
- Net income → operating cash flow: ¥1229626000 → ¥3038181000（difference ¥1808555000）
- Main uses of operating cash flow: CapEx ¥3724258000 / dividends ¥464771000 / buybacks ¥691493000
- Change in cash: ¥26762000
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 | ¥33.8B |  |
| Operating income | ¥1.43B | Margin 4.2% |
| Net income | ¥1.02B | Margin 3.0% |
| Free cash flow | -¥686.1M |  |
| Largest business | Special steel wire rods | of segment revenue 51.0% |
| Employees (consolidated) | 827 |  |
| EPS | ¥12.31 |  |
| Book value per share | ¥1060.96 |  |
| Equity ratio | 73.1% |  |
| Shares outstanding | 51,755,478 |  |
| Treasury shares | 6,818,200 |  |
| Shareholders | 4,509 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 21.8% |
| Vs. industry median margin | +0.8 pp | Steel |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, employees -2% while operating income rose 6%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27816453000 | ¥33793398000 | +21.5% |
| Operating income | ¥1490975000 | ¥1431506000 | -4.0% |
| Operating margin | 5.4% | 4.2% | -1.1 pp |
| Employees | 801 people | 827 people | +3.2% |
| Cash and equivalents | ¥10036887000 | ¥7356974000 | -26.7% |

### 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 |
| --- | ---: |
| 普通線材製品 → 普通線材製品 | 27.1% |
| 普通線材製品 → 事業再編・廃止 | 4.8% |
| 特殊線材製品 → 特殊線材製品 | 49.9% |
| 鋲螺線材製品 → 鋲螺線材製品 | 15.7% |
| 不動産賃貸 → 不動産賃貸 | 0.5% |
| 不動産賃貸 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 特殊線材製品 | 1.1% |
| 新設・再編 → 鋲螺線材製品 | 4.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Special steel wire rods | 5 years | +4.4% | ¥17243454000 | 3.5% | 2 |
| Ordinary steel wire rods | 5 years | +0.7% | ¥9169922000 | 5.4% | 2 |
| Tack wire rods | 5 years | +8.8% | ¥6673304000 | 3.2% | 2 |
| Other | 5 years | +1.1% | ¥545126000 | 2.8% | 2 |
| Real estate leasing | 5 years | -0.4% | ¥161590000 | 61.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,793 | 100.0% | S100YIXZ |
| Cost of revenue | 27,601 | 81.7% | S100YIXZ |
| Gross profit | 6,192 | 18.3% | S100YIXZ |
| SG&A | 4,761 | 14.1% | S100YIXZ |
| Operating income | 1,432 | 4.2% | S100YIXZ |
| Ordinary income | 2,229 | 6.6% | S100YIXZ |
| Pretax income | 1,311 | 3.9% | S100YIXZ |
| Income tax | 82 | 0.2% | S100YIXZ |
| Net income | 1,230 | 3.6% | S100YIXZ |
| Net income attributable to owners | 1,017 | 3.0% | S100YIXZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.3% → Operating margin 4.2% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.0%; Core profit growth: +6.1%
Operating leverage (core profit growth ÷ revenue growth): -6.22×
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 | 34,127 | 33,793 | -334 | -1.0% |
| Gross profit | 6,096 | 6,192 | 96 | +1.6% |
| Operating income | 1,349 | 1,432 | 82 | +6.1% |
| Net income attributable to owners | 1,065 | 1,017 | -48 | -4.5% |
| Operating cash flow | 2,366 | 3,038 | 672 | +28.4% |
| Free cash flow | 447 | -686 | -1,133 | -253.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,939 | 1,750 | 5.7% | 384 | 2,251 | 872 | S100LQFX |
| FY ending Mar 2021 | 27,816 | 1,491 | 5.4% | 1,334 | 4,495 | 3,023 | S100OG7N |
| FY ending Mar 2022 | 30,721 | 2,013 | 6.6% | 1,716 | 2,081 | 1,138 | S100R3Z2 |
| FY ending Mar 2023 | 34,075 | 1,823 | 5.3% | 1,333 | -344 | -1,770 | S100TTO8 |
| FY ending Mar 2024 | 34,498 | 1,336 | 3.9% | 1,259 | 3,008 | 1,830 | S100W6ND |
| FY ending Mar 2025 | 34,127 | 1,349 | 4.0% | 1,065 | 2,366 | 447 | S100YIXZ |
| FY ending Mar 2026 | 33,793 | 1,432 | 4.2% | 1,017 | 3,038 | -686 | S100YIXZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.9M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 821 | 823 | 835 | 846 | 827 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥6.1M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 42.1 years | 42.7 years | 43.2 years | 42.9 years | 43.3 years |
| Average tenure (parent company) | 18.5 years | 18.8 years | 19.0 years | 18.5 years | 18.8 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ordinary steel wire rods | 9,170 | 27.1% | 499 | 5.4% |
| Special steel wire rods | 17,243 | 51.0% | 610 | 3.5% |
| Tack wire rods | 6,673 | 19.7% | 210 | 3.2% |
| Real estate leasing | 162 | 0.5% | 99 | 61.2% |
| Other | 545 | 1.6% | 16 | 2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ordinary steel wire rods | 27.1% | 34.8% | 7.7 | 5.4% |
| Special steel wire rods | 51.0% | 42.5% | -8.5 | 3.5% |
| Tack wire rods | 19.7% | 14.7% | -5.1 | 3.2% |
| Real estate leasing | 0.5% | 6.9% | 6.4 | 61.2% |
| Other | 1.6% | 1.1% | -0.5 | 2.8% |

Segment → industry: Tack wire rods → Steel / Special steel wire rods → Steel / Ordinary steel wire rods → Steel / Real estate leasing → Real Estate Development & Leasing

## 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 | 3,038 | 9.0% | S100YIXZ |
| Capital expenditure | 3,724 | 11.0% | S100YIXZ |
| Free cash flow | -686 | -2.0% | 算出 |
| Investing cash flow | -837 | -2.5% | S100YIXZ |
| Financing cash flow | -2,187 | -6.5% | S100YIXZ |
| Dividends paid | 465 | 1.4% | S100YIXZ |
| Share buyback | 691 | 2.0% | S100YIXZ |
| Change in cash | 27 | 0.1% | S100YIXZ |
| Cash and equivalents | 7,357 | 21.8% | S100YIXZ |

## 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 | 11,095 | 8,788 | 8,656 | 7,330 | 7,357 | S100TTO8, S100W6ND, S100YIXZ |
| Total assets | 69,225 | 70,634 | 73,605 | 72,339 | 73,097 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Net assets | 49,659 | 51,619 | 55,338 | 55,376 | 57,207 | S100TTO8, S100W6ND, S100YIXZ |
| Share capital | 10,720 | 10,720 | 10,720 | 10,720 | 10,720 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Property, plant and equipment | 16,690 | 16,349 | 16,240 | 16,539 | 17,934 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Intangible assets excluding goodwill | 61 | 54 | 88 | 423 | 1,205 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Investment securities | 14,016 | 15,409 | 19,160 | 17,628 | 17,781 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Current assets | 36,843 | 37,169 | 36,295 | 35,829 | 34,063 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Current liabilities | 12,285 | 12,385 | 11,263 | 11,729 | 10,393 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Trade payables | 4,432 | 4,590 | 3,084 | 1,932 | 1,875 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Short-term borrowings | 750 | 1,450 | 750 | 1,150 | 1,500 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Long-term borrowings | 3,950 | 3,120 | 2,110 | 730 | 130 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Total liabilities | 19,566 | 19,014 | 18,267 | 16,964 | 15,891 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Non-controlling interests | 3,075 | 3,362 | 3,546 | 3,569 | 3,804 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Equity attributable to owners of parent | 44,485 | 45,334 | 45,899 | 46,272 | 46,134 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Retained earnings | 23,899 | 24,747 | 25,523 | 26,113 | 26,667 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |
| Treasury stock | -1,022 | -1,022 | -1,232 | -1,449 | -2,141 | S100R3Z2, S100TTO8, S100W6ND, S100YIXZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIXZ |
| Property, plant and equipment | 25% | S100YIXZ |
| Intangibles and goodwill | 2% | S100YIXZ |
| Investment securities | 24% | S100YIXZ |
| Other assets | 39% | S100YIXZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIXZ |
| Other liabilities | 19% | S100YIXZ |
| Equity | 78% | S100YIXZ |
| Other liabilities | 0% | S100YIXZ |

### 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 | 69,225 | 70,634 | 73,605 | 72,339 | 73,097 |
| Equity | 49,659 | 51,619 | 55,338 | 55,376 | 57,207 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,095 | 8,788 | 8,656 | 7,330 | 7,357 |

## 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) | 53.1% | S100YIXZ |
| Fixed assets ÷ total assets | 24.5% | S100YIXZ |
| Goodwill ÷ parent equity | — | —, S100YIXZ |

### 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) | 10.1% |
| Cash ÷ revenue | 21.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 212.2% |
| Cash vs. profit gap | 2,021 JPY mn (of net income 198.6%) |
| Shareholder returns / net income | 113.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.0% |
| Investing CF relative to operating CF | 27.5% |

## 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 | 5.6% | 0.44× | 2.5% | 1.56× | 3.9% | S100R3Z2 |
| 2023 | 3.9% | 0.49× | 1.9% | 1.56× | 3.0% | S100TTO8 |
| 2024 | 3.6% | 0.48× | 1.7% | 1.58× | 2.8% | S100W6ND |
| 2025 | 3.1% | 0.47× | 1.5% | 1.58× | 2.3% | S100YIXZ |
| 2026 | 3.0% | 0.46× | 1.4% | 1.57× | 2.2% | S100YIXZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 26.0% | 2026-03-31 |
| 日亜興産株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.1% | 2026-03-31 |
| 日亜鋼業取引先持株会 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社池田泉州銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 日亜鋼業従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YIXZ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXZ,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W6ND | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6ND,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TTO8 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTO8,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R3Z2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3Z2,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OG7N | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG7N,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LQFX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQFX,, |

## 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).