# nichicon 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91期(2025/04/01－2026/03/31) (S100YLMG)
> Page: https://vizora.meequs.com/en/company/nichicon
> Retrieved: 2026-09-30T21:00:06.331Z

## Company

nichicon, founded in 1950, is a company in Batteries listed on TSE Prime. It has 4,982 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHICON CORPORATION |
| Ticker | 6996 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6996.T) |
| Listing | TSE Prime |
| Head office | 京都市中京区烏丸通御池上る二条殿町551番地 |
| Representative (per filing) | 代表取締役社長 森 克彦 |
| Founded | Aug 1950 |
| Share capital | ¥14.3B |
| Employees (consolidated) | 4,982 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.nichicon.co.jp (https://www.nichicon.co.jp/) |
| Corporate number | 2130001022029 |
| EDINET | E01904 |
| Industries (Vizora) | Batteries, Electrical Equipment, Electronic Components |

> Profile source: annual securities report (S100YLMG, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.5 | 53 |
| Profitability | 33 | 56 |
| Cash conversion | 49 | 48 |
| Efficiency | 67 | 56 |

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 61% of nichicon's sales come from Capacitor, with NECST making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -3.4% from the prior year, operating profit +24.1%.

## Company structure

- Segment revenue mix: Capacitor 60.5%、NECST 39.5%
- Revenue → net income: ¥169724000000 → ¥6830000000
- Net income → operating cash flow: ¥6830000000 → ¥8163000000（difference ¥1333000000）
- Main uses of operating cash flow: CapEx ¥7099000000 / dividends ¥2417000000 / buybacks ¥0
- Change in cash: ¥-1078000000
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 | ¥169.7B |  |
| Operating income | ¥6.46B | Margin 3.8% |
| Net income | ¥6.31B | Margin 3.7% |
| Free cash flow | ¥1.06B |  |
| Largest business | Capacitor | of segment revenue 60.5% |
| Employees (consolidated) | 4,982 |  |
| EPS | ¥81.93 |  |
| Book value per share | ¥1236.07 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 70,000,000 |  |
| Treasury shares | 2,841,300 |  |
| Shareholders | 12,995 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 12.5% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | -2.1 pp | Electronic Components |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, employees -5% while operating income rose 24%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116073000000 | ¥169724000000 | +46.2% |
| Operating income | ¥1573000000 | ¥6456000000 | +310.4% |
| Operating margin | 1.4% | 3.8% | +2.4 pp |
| Employees | 5,209 people | 4,982 people | -4.4% |
| Cash and equivalents | ¥19766000000 | ¥24441000000 | +23.7% |

### 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 |
| --- | ---: |
| 新設・再編 → コンデンサ | 60.5% |
| 新設・再編 → NECST | 39.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 169,724 | 100.0% | S100YLMG |
| Cost of revenue | 139,746 | 82.3% | S100YLMG |
| Gross profit | 29,978 | 17.7% | S100YLMG |
| SG&A | 23,522 | 13.9% | S100YLMG |
| Operating income | 6,456 | 3.8% | S100YLMG |
| Ordinary income | 8,326 | 4.9% | S100YLMG |
| Pretax income | 7,201 | 4.2% | S100YLMG |
| Income tax | 370 | 0.2% | S100YLMG |
| Net income | 6,830 | 4.0% | S100YLMG |
| Net income attributable to owners | 6,310 | 3.7% | S100YLMG |

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

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

### Margin funnel

Gross margin 17.7% → Operating margin 3.8% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.4%; Core profit growth: +24.1%
Operating leverage (core profit growth ÷ revenue growth): -7.02×
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 | 175,751 | 169,724 | -6,027 | -3.4% |
| Gross profit | 28,326 | 29,978 | 1,652 | +5.8% |
| Operating income | 5,203 | 6,456 | 1,253 | +24.1% |
| Net income attributable to owners | 5,877 | 6,310 | 433 | +7.4% |
| Operating cash flow | 18,346 | 8,163 | -10,183 | -55.5% |
| Free cash flow | 7,696 | 1,064 | -6,632 | -86.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 119,675 | 2,549 | 2.1% | 2,812 | 4,811 | -2,075 | S100LSTA |
| FY ending Mar 2021 | 116,073 | 1,573 | 1.4% | 1,703 | 7,095 | 1,173 | S100OK1N |
| FY ending Mar 2022 | 142,198 | 6,427 | 4.5% | 7,902 | 5,264 | -2,625 | S100R96I |
| FY ending Mar 2023 | 184,725 | 12,676 | 6.9% | 7,814 | 9,186 | -164 | S100U4WU |
| FY ending Mar 2024 | 181,643 | 8,904 | 4.9% | 8,253 | 16,321 | 4,037 | S100W8DW |
| FY ending Mar 2025 | 175,751 | 5,203 | 3.0% | 5,877 | 18,346 | 7,696 | S100YLMG |
| FY ending Mar 2026 | 169,724 | 6,456 | 3.8% | 6,310 | 8,163 | 1,064 | S100YLMG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.1M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 5,587 | 5,408 | 5,394 | 5,242 | 4,982 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.6M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 44.7 years | 45.1 years | 45.9 years | 45.6 years | 45.5 years |
| Average tenure (parent company) | 10.0 years | 10.2 years | 9.6 years | 9.7 years | 8.9 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) -3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Capacitor | 102,748 | 60.5% | 4,598 | 4.5% |
| NECST | 66,976 | 39.5% | 1,860 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Capacitor | 60.5% | 71.2% | 10.7 | 4.5% |
| NECST | 39.5% | 28.8% | -10.7 | 2.8% |

Segment → industry: NECST → Batteries / NECST → Electrical Equipment / Capacitor → 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 | 8,163 | 4.8% | S100YLMG |
| Capital expenditure | 7,099 | 4.2% | S100YLMG |
| Free cash flow | 1,064 | 0.6% | 算出 |
| Investing cash flow | -6,556 | -3.9% | S100YLMG |
| Financing cash flow | -3,844 | -2.3% | S100YLMG |
| Dividends paid | 2,417 | 1.4% | S100YLMG |
| Share buyback | 0 | 0.0% | S100YLMG |
| Change in cash | -1,078 | -0.6% | S100YLMG |
| Cash and equivalents | 24,441 | 14.4% | S100YLMG |

## 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 | 17,799 | 25,068 | 29,387 | 25,519 | 24,441 | S100U4WU, S100W8DW, S100YLMG |
| Total assets | 170,112 | 192,339 | 206,937 | 192,582 | 195,570 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Net assets | 94,652 | 101,354 | 113,839 | 113,814 | 123,517 | S100U4WU, S100W8DW, S100YLMG |
| Share capital | 14,286 | 14,286 | 14,286 | 14,286 | 14,286 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Property, plant and equipment | 39,556 | 44,314 | 51,983 | 53,086 | 52,538 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Intangible assets excluding goodwill | 1,295 | 1,293 | 1,722 | 1,928 | 2,139 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Investment securities | 31,293 | 27,862 | 31,384 | 26,688 | 29,376 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Current assets | 94,997 | 115,830 | 118,468 | 108,254 | 107,667 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Current liabilities | 53,109 | 60,530 | 75,224 | 51,558 | 47,204 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Trade payables | 16,697 | 17,755 | 14,803 | 14,894 | 13,270 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Short-term borrowings | 11,600 | 10,600 | 14,000 | 6,700 | 8,400 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Long-term borrowings | — | 8,750 | 6,250 | 15,750 | 13,250 | S100U4WU, S100W8DW, S100YLMG |
| Total liabilities | 75,459 | 90,984 | 93,098 | 78,768 | 72,053 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Non-controlling interests | 2,237 | 2,516 | 2,939 | 3,381 | 3,913 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Equity attributable to owners of parent | 74,560 | 80,457 | 86,521 | 88,471 | 92,364 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Retained earnings | 55,039 | 60,938 | 67,002 | 60,826 | 64,719 | S100R96I, S100U4WU, S100W8DW, S100YLMG |
| Treasury stock | -11,626 | -11,627 | -11,628 | -3,497 | -3,498 | S100R96I, S100U4WU, S100W8DW, S100YLMG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YLMG |
| Property, plant and equipment | 27% | S100YLMG |
| Intangibles and goodwill | 1% | S100YLMG |
| Investment securities | 15% | S100YLMG |
| Other assets | 45% | S100YLMG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YLMG |
| Other liabilities | 30% | S100YLMG |
| Equity | 63% | S100YLMG |

### 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 | 170,112 | 192,339 | 206,937 | 192,582 | 195,570 |
| Equity | 94,652 | 101,354 | 113,839 | 113,814 | 123,517 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,799 | 25,068 | 29,387 | 25,519 | 24,441 |

## 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) | 31.0% | S100YLMG |
| Fixed assets ÷ total assets | 26.9% | S100YLMG |
| Goodwill ÷ parent equity | — | —, S100YLMG |

### 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) | 12.5% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.4% |
| Cash vs. profit gap | 1,853 JPY mn (of net income 29.4%) |
| Shareholder returns / net income | 38.3% |
| Shareholder returns / FCF | 227.2% |
| Shareholder payments — dividends / net income | 38.3% |
| Shareholder payments — dividends / FCF | 227.2% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 80.3% |

## 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% | 0.84× | 4.6% | 2.28× | 10.6% | S100R96I |
| 2023 | 4.2% | 1.02× | 4.3% | 2.34× | 10.1% | S100U4WU |
| 2024 | 4.5% | 0.91× | 4.1% | 2.39× | 9.9% | S100W8DW |
| 2025 | 3.3% | 0.88× | 2.9% | 2.28× | 6.7% | S100YLMG |
| 2026 | 3.7% | 0.87× | 3.3% | 2.15× | 7.0% | S100YLMG |

## 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 | 13.1% | 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 |
| ニチコン取引先持株会 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.0% | 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 | 3.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| ニチコン従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YLMG | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLMG,, |
| 有価証券報告書－第90期(2024/04/01－2025/03/31) | S100W8DW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8DW,, |
| 訂正有価証券報告書－第89期(2023/04/01－2024/03/31) | S100U4WU | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4WU,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R96I | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R96I,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OK1N | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK1N,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LSTA | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSTA,, |

## 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).