# NICHIAS 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210期(2025/04/01－2026/03/31) (S100YG7B)
> Page: https://vizora.meequs.com/en/company/nichias
> Retrieved: 2026-09-30T18:31:51.408Z

## Company

Nichias, founded in 1896, is a company in Auto Parts listed on TSE Prime. It has 6,424 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIAS CORPORATION |
| Ticker | 5393 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5393.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八丁堀一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 亀津克己 |
| Founded | Apr 1896 |
| Share capital | ¥12.1B |
| Employees (consolidated) | 6,424 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.nichias.co.jp (https://www.nichias.co.jp/) |
| Corporate number | 9010401021486 |
| EDINET | E01151 |
| Industries (Vizora) | Auto Parts, Chemicals, Semiconductor Materials, Plant Engineering & Building Services, Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100YG7B, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.6 | 72 |
| Profitability | 84.9 | 76 |
| Cash conversion | 39.9 | 74 |
| Efficiency | 24.3 | 76 |

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 32% of Nichias's sales come from Energy and industrial plants, with Industrial products and Automotive parts making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Energy and industrial plants 31.6%、Industrial products 21.2%、Automotive parts 20.4%、Advanced products 15.5%、Building materials and contracts 11.3%
- Revenue → net income: ¥251910000000 → ¥31758000000
- Net income → operating cash flow: ¥31758000000 → ¥23936000000（difference ¥-7822000000）
- Main uses of operating cash flow: CapEx ¥8735000000 / dividends ¥8438000000 / buybacks —
- Change in cash: ¥-1979000000
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 | ¥251.9B |  |
| Operating income | ¥37B | Margin 14.7% |
| Net income | ¥31.6B | Margin 12.6% |
| Free cash flow | ¥15.2B |  |
| Largest business | Energy and industrial plants | of segment revenue 31.6% |
| Employees (consolidated) | 6,424 |  |
| EPS | ¥153.27 |  |
| Book value per share | ¥793.4 |  |
| Equity ratio | 77.7% |  |
| Shares outstanding | 63,661,000 |  |
| Treasury shares | 632,200 |  |
| Shareholders | 6,554 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 22.5% |
| Vs. industry median margin | +5.6 pp | Plant Engineering & Building Services |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥196372000000 | ¥251910000000 | +28.3% |
| Operating income | ¥19616000000 | ¥37014000000 | +88.7% |
| Operating margin | 10.0% | 14.7% | +4.7 pp |
| Employees | 6,337 people | 6,424 people | +1.4% |
| Cash and equivalents | ¥39589000000 | ¥56631000000 | +43.0% |

### 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 |
| --- | ---: |
| プラント向け工事・販売 → プラント向け工事・販売 | 31.6% |
| プラント向け工事・販売 → 事業再編・廃止 | 0.8% |
| 工業製品 → 工業製品 | 21.2% |
| 工業製品 → 事業再編・廃止 | 0.7% |
| 高機能製品 → 高機能製品 | 12.7% |
| 自動車部品 → 自動車部品 | 19.5% |
| 建材 → 建材 | 11.3% |
| 建材 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 高機能製品 | 2.9% |
| 新設・再編 → 自動車部品 | 1.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy and industrial plants | 5 years | +4.6% | ¥79503000000 | 15.1% | 2 |
| Industrial products | 5 years | +4.4% | ¥53321000000 | 19.0% | 2 |
| Automotive parts | 5 years | +6.1% | ¥51504000000 | 10.3% | 2 |
| Advanced products | 5 years | +9.5% | ¥39094000000 | 17.7% | 2 |
| Building materials and contracts | 5 years | +1.2% | ¥28487000000 | 9.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 251,910 | 100.0% | S100YG7B |
| Cost of revenue | 182,013 | 72.3% | S100YG7B |
| Gross profit | 69,897 | 27.7% | S100YG7B |
| SG&A | 32,883 | 13.1% | S100YG7B |
| Operating income | 37,014 | 14.7% | S100YG7B |
| Ordinary income | 39,377 | 15.6% | S100YG7B |
| Pretax income | 38,715 | 15.4% | S100YG7B |
| Income tax | 6,957 | 2.8% | S100YG7B |
| Net income | 31,758 | 12.6% | S100YG7B |
| Net income attributable to owners | 31,634 | 12.6% | S100YG7B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 13 |
| Operating income | 15 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 27.7% → Operating margin 14.7% → Net margin 12.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -6.8%
Operating leverage (core profit growth ÷ revenue growth): 3.81×
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 | 256,512 | 251,910 | -4,602 | -1.8% |
| Gross profit | 70,773 | 69,897 | -876 | -1.2% |
| Operating income | 39,732 | 37,014 | -2,718 | -6.8% |
| Net income attributable to owners | 32,073 | 31,634 | -439 | -1.4% |
| Operating cash flow | 31,246 | 23,936 | -7,310 | -23.4% |
| Free cash flow | 24,219 | 15,201 | -9,018 | -37.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 208,876 | 20,427 | 9.8% | 14,674 | 20,094 | 10,256 | S100LTUD |
| FY ending Mar 2021 | 196,372 | 19,616 | 10.0% | 10,715 | 18,683 | 10,385 | S100OJVM |
| FY ending Mar 2022 | 216,236 | 26,264 | 12.1% | 22,034 | 25,073 | 15,472 | S100R73K |
| FY ending Mar 2023 | 238,116 | 29,954 | 12.6% | 21,398 | 18,650 | 10,021 | S100TPES |
| FY ending Mar 2024 | 249,391 | 35,208 | 14.1% | 26,961 | 19,167 | 6,327 | S100W3DV |
| FY ending Mar 2025 | 256,512 | 39,732 | 15.5% | 32,073 | 31,246 | 24,219 | S100YG7B |
| FY ending Mar 2026 | 251,910 | 37,014 | 14.7% | 31,634 | 23,936 | 15,201 | S100YG7B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.2M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 6,402 | 6,445 | 6,431 | 6,373 | 6,424 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.2M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 40.6 years | 40.8 years | 41.0 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 14.9 years | 15.1 years | 14.2 years | 14.0 years | 13.9 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy and industrial plants | 79,503 | 31.6% | 11,982 | 15.1% |
| Industrial products | 53,321 | 21.2% | 10,117 | 19.0% |
| Advanced products | 39,094 | 15.5% | 6,907 | 17.7% |
| Automotive parts | 51,504 | 20.4% | 5,313 | 10.3% |
| Building materials and contracts | 28,487 | 11.3% | 2,693 | 9.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy and industrial plants | 31.6% | 32.4% | 0.8 | 15.1% |
| Industrial products | 21.2% | 27.3% | 6.2 | 19.0% |
| Advanced products | 15.5% | 18.7% | 3.1 | 17.7% |
| Automotive parts | 20.4% | 14.4% | -6.1 | 10.3% |
| Building materials and contracts | 11.3% | 7.3% | -4.0 | 9.5% |

Segment → industry: Automotive parts → Auto Parts / Advanced products → Chemicals / Advanced products → Semiconductor Materials / Energy and industrial plants → Plant Engineering & Building Services / Building materials and contracts → Housing Equipment & Building Materials / Industrial products → 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 | 23,936 | 9.5% | S100YG7B |
| Capital expenditure | 8,735 | 3.5% | S100YG7B |
| Free cash flow | 15,201 | 6.0% | 算出 |
| Investing cash flow | -10,154 | -4.0% | S100YG7B |
| Financing cash flow | -16,992 | -6.7% | S100YG7B |
| Dividends paid | 8,438 | 3.3% | S100YG7B |
| Change in cash | -1,979 | -0.8% | S100YG7B |
| Cash and equivalents | 56,631 | 22.5% | S100YG7B |

## 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 | 54,414 | 58,962 | 55,574 | 58,611 | 56,631 | S100TPES, S100W3DV, S100YG7B |
| Total assets | 246,924 | 266,907 | 290,788 | 289,044 | 307,123 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Net assets | 155,522 | 173,742 | 200,918 | 216,434 | 239,612 | S100TPES, S100W3DV, S100YG7B |
| Share capital | 12,128 | 12,128 | 12,128 | 12,128 | 12,128 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Trade receivables | 32,031 | 33,122 | 33,455 | 31,855 | 33,549 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Property, plant and equipment | 61,851 | 64,152 | 67,976 | 67,692 | 71,765 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Intangible assets excluding goodwill | 1,407 | 1,525 | 1,577 | 1,511 | 2,068 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Investment securities | 17,151 | 17,601 | 22,377 | 13,834 | 17,926 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Current assets | 159,422 | 175,963 | 185,114 | 190,047 | 192,315 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Current liabilities | 67,725 | 76,671 | 75,274 | 59,774 | 52,144 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Trade payables | 22,542 | 23,401 | 21,302 | 18,400 | 16,638 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Short-term borrowings | 10,145 | 10,485 | 16,805 | 9,870 | 9,750 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Long-term borrowings | 625 | — | — | — | — | S100R73K |
| Bonds | 13,000 | 5,000 | — | — | — | S100R73K, S100TPES |
| Interest-bearing debt | 23,770 | — | — | — | — | 算出 |
| Total liabilities | 91,402 | 93,165 | 89,870 | 72,609 | 67,510 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Non-controlling interests | 1,235 | 1,382 | 1,236 | 1,013 | 1,097 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Equity attributable to owners of parent | 145,830 | 161,256 | 179,488 | 196,855 | 212,117 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Retained earnings | 123,904 | 139,332 | 160,058 | 185,429 | 190,210 | S100R73K, S100TPES, S100W3DV, S100YG7B |
| Treasury stock | -4,059 | -4,061 | -6,590 | -14,555 | -2,974 | S100R73K, S100TPES, S100W3DV, S100YG7B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YG7B |
| Receivables | 11% | S100YG7B |
| Property, plant and equipment | 23% | S100YG7B |
| Intangibles and goodwill | 1% | S100YG7B |
| Investment securities | 6% | S100YG7B |
| Other assets | 41% | S100YG7B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YG7B |
| Other liabilities | 17% | S100YG7B |
| Equity | 78% | S100YG7B |
| Other liabilities | 0% | S100YG7B |

### 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 | 246,924 | 266,907 | 290,788 | 289,044 | 307,123 |
| Equity | 155,522 | 173,742 | 200,918 | 216,434 | 239,612 |
| Interest-bearing debt | 23,770 | — | — | — | — |
| Cash | 54,414 | 58,962 | 55,574 | 58,611 | 56,631 |

## 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) | 28.5% | S100YG7B |
| Fixed assets ÷ total assets | 23.4% | S100YG7B |
| Goodwill ÷ parent equity | — | —, S100YG7B |

### 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) | 18.4% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.7% |
| Cash vs. profit gap | -7,698 JPY mn (of net income -24.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | 55.5% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 42.4% |

## 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 | 10.2% | 0.88× | 8.9% | 1.69× | 15.1% | S100R73K |
| 2023 | 9.0% | 0.93× | 8.3% | 1.67× | 13.9% | S100TPES |
| 2024 | 10.8% | 0.89× | 9.7% | 1.64× | 15.8% | S100W3DV |
| 2025 | 12.5% | 0.88× | 11.1% | 1.54× | 17.0% | S100YG7B |
| 2026 | 12.6% | 0.85× | 10.6% | 1.46× | 15.5% | S100YG7B |

## 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 | 16.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.3% | 2026-03-31 |
| ニチアス持株会 | Major shareholder | 8.7% | 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 | 6.1% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託 みずほ銀行口再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 2.0% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A.LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第210期(2025/04/01－2026/03/31) | S100YG7B | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG7B,, |
| 有価証券報告書－第209期(2024/04/01－2025/03/31) | S100W3DV | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3DV,, |
| 有価証券報告書－第208期(2023/04/01－2024/03/31) | S100TPES | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPES,, |
| 有価証券報告書－第207期(2022/04/01－2023/03/31) | S100R73K | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73K,, |
| 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) | S100OJVM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJVM,, |
| 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) | S100LTUD | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTUD,, |

## 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).