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NichiasNICHIAS CORPORATION5393東証プライムガラス・土石製品FY ending Mar 2026, consolidated, J-GAAP

Nichias revenue and profit

Out of every ¥100 of sales, about ¥15 is left as operating profit. Revenue changed -1.8% from the prior year, operating profit -6.8%.

Five-year trend

Revenue¥251.9B
FY ending Mar 2022: ¥216.2B¥216.2BFY ending Mar 2023: ¥238.1B¥238.1BFY ending Mar 2024: ¥249.4B¥249.4BFY ending Mar 2025: ¥256.5B¥256.5BFY ending Mar 2026: ¥251.9B¥251.9BFY22FY23FY24FY25FY26
Operating income¥37B
FY ending Mar 2022: ¥26.3B¥26.3BFY ending Mar 2023: ¥30B¥30BFY ending Mar 2024: ¥35.2B¥35.2BFY ending Mar 2025: ¥39.7B¥39.7BFY ending Mar 2026: ¥37B¥37BFY22FY23FY24FY25FY26
Operating margin14.7%
FY ending Mar 2022: 12.1%12.1%FY ending Mar 2023: 12.6%12.6%FY ending Mar 2024: 14.1%14.1%FY ending Mar 2025: 15.5%15.5%FY ending Mar 2026: 14.7%14.7%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin12.6%
Asset turnover0.85×
ROA10.6%
ROA10.6%
Financial leverage1.46×
ROE15.5%

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

Net margin12.6%
2022: 10.2%10.2%2023: 9.0%9.0%2024: 10.8%10.8%2025: 12.5%12.5%2026: 12.6%12.6%2223242526
Asset turnover0.85×
2022: 0.88×0.88×2023: 0.93×0.93×2024: 0.89×0.89×2025: 0.88×0.88×2026: 0.85×0.85×2223242526
ROA10.6%
2022: 8.9%8.9%2023: 8.3%8.3%2024: 9.7%9.7%2025: 11.1%11.1%2026: 10.6%10.6%2223242526
Financial leverage1.46×
2022: 1.69×1.69×2023: 1.67×1.67×2024: 1.64×1.64×2025: 1.54×1.54×2026: 1.46×1.46×2223242526
ROE15.5%
2022: 15.1%15.1%2023: 13.9%13.9%2024: 15.8%15.8%2025: 17.0%17.0%2026: 15.5%15.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202210.2%0.88×8.9%1.69×15.1%
20239.0%0.93×8.3%1.67×13.9%
202410.8%0.89×9.7%1.64×15.8%
202512.5%0.88×11.1%1.54×17.0%
202612.6%0.85×10.6%1.46×15.5%

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 ÷ revenue28.5%
2021: 29.2%29.2%2022: 28.6%28.6%2023: 26.9%26.9%2024: 27.3%27.3%2025: 26.4%26.4%2026: 28.5%28.5%212223242526
PPE ÷ total assets23.4%
2021: 26.1%26.1%2022: 25.0%25.0%2023: 24.0%24.0%2024: 23.4%23.4%2025: 23.4%23.4%2026: 23.4%23.4%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¥6.81B
2021: ¥6.17B¥6.17B2022: ¥6.11B¥6.11B2023: ¥5.71B¥5.71B2024: ¥6.04B¥6.04B2025: ¥6.21B¥6.21B2026: ¥6.81B¥6.81B212223242526
R&D / revenue2.7%
2021: 3.1%3.1%2022: 2.8%2.8%2023: 2.4%2.4%2024: 2.4%2.4%2025: 2.4%2.4%2026: 2.7%2.7%212223242526
Receivable days49d
2021: 55d55d2022: 54d54d2023: 51d51d2024: 49d49d2025: 45d45d2026: 49d49d212223242526
Payable days33d
2021: 47d47d2022: 51d51d2023: 47d47d2024: 42d42d2025: 36d36d2026: 33d33d212223242526

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
Revenue216,236238,116249,391256,512251,910
Cost of revenue162,856180,107184,626185,739182,013
Gross profit53,38058,00964,76470,77369,897
SG&A27,11528,05529,55531,04132,883
Operating income26,26429,95435,20839,73237,014
Pretax income30,67930,82238,35245,35838,715
Income tax8,5139,28111,25113,1736,957
Net income attributable to owners22,03421,39826,96132,07331,634
Operating margin12.1%12.6%14.1%15.5%14.7%

Balance sheet (reported items)

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

Assets

Cash 18%
Receivables 11%
Property, plant and equipment 23%
1%
6%
Other assets 41%

Funding

5%
Other liabilities 17%
Equity 78%
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¥54.4B¥59B¥55.6B¥58.6B¥56.6B
Total assets¥246.9B¥266.9B¥290.8B¥289B¥307.1B
Net assets¥155.5B¥173.7B¥200.9B¥216.4B¥239.6B
Share capital¥12.1B¥12.1B¥12.1B¥12.1B¥12.1B
Trade receivables¥32B¥33.1B¥33.5B¥31.9B¥33.5B
Property, plant and equipment¥61.9B¥64.2B¥68B¥67.7B¥71.8B
Intangible assets excluding goodwill¥1.41B¥1.52B¥1.58B¥1.51B¥2.07B
Investment securities¥17.2B¥17.6B¥22.4B¥13.8B¥17.9B
Current assets¥159.4B¥176B¥185.1B¥190B¥192.3B
Current liabilities¥67.7B¥76.7B¥75.3B¥59.8B¥52.1B
Trade payables¥22.5B¥23.4B¥21.3B¥18.4B¥16.6B
Short-term borrowings¥10.1B¥10.5B¥16.8B¥9.87B¥9.75B
Long-term borrowings¥625M————
Bonds¥13B¥5B———
Interest-bearing debt¥23.8Bderived————
Total liabilities¥91.4B¥93.2B¥89.9B¥72.6B¥67.5B
Non-controlling interests¥1.24B¥1.38B¥1.24B¥1.01B¥1.1B
Equity attributable to owners of parent¥145.8B¥161.3B¥179.5B¥196.9B¥212.1B
Retained earnings¥123.9B¥139.3B¥160.1B¥185.4B¥190.2B
Treasury stock-¥4.06B-¥4.06B-¥6.59B-¥14.6B-¥2.97B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第210期(2025/04/01－2026/03/31)

    ID S100YG7B2026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第209期(2024/04/01－2025/03/31)

    ID S100W3DV2025-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第208期(2023/04/01－2024/03/31)

    ID S100TPES2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第207期(2022/04/01－2023/03/31)

    ID S100R73K2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第206期(令和3年4月1日－令和4年3月31日)

    ID S100OJVM2022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第205期(令和2年4月1日－令和3年3月31日)

    ID S100LTUD2021-06-29Open

Extracted from XBRL: 52 / Derived from other figures: 1

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