# NICHIDAI 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59期(2025/04/01－2026/03/31) (S100YGVK)
> Page: https://vizora.meequs.com/en/company/nichidai
> Retrieved: 2026-09-30T18:31:18.645Z

## Company

Nichidai, founded in 1967, is a company in Auto Parts listed on TSE Standard. It has 596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIDAI CORPORATION |
| Ticker | 6467 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6467.T) |
| Listing | TSE Standard |
| Head office | 京都府京田辺市薪北町田13番地 |
| Representative (per filing) | 代表取締役社長執行役員 伊藤 直紀 |
| Founded | May 1967 |
| Share capital | ¥1.43B |
| Employees (consolidated) | 596 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.nichidai.jp (https://www.nichidai.jp/) |
| Corporate number | 2130001038818 |
| EDINET | E01456 |
| Industries (Vizora) | Auto Parts, Machine Tools, Industrial Machinery |

> Profile source: annual securities report (S100YGVK, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.2 | 34 |
| Profitability | 4.4 | 34 |
| Efficiency | 86.8 | 34 |

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 41% of Nichidai's sales come from Kanagata, with Seimitu Buhin and Filter making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed -5.3% from the prior year, operating profit -365.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11B |  |
| Operating income | -¥408.5M | Margin -3.7% |
| Net income | -¥754.1M | Margin -6.9% |
| Free cash flow | -¥274.8M |  |
| Largest business | Kanagata | of segment revenue 40.6% |
| Employees (consolidated) | 596 |  |
| EPS | ¥-60.25 |  |
| Book value per share | ¥644.66 |  |
| Equity ratio | 75.6% |  |
| Shares outstanding | 9,053,300 |  |
| Treasury shares | 21,800 |  |
| Shareholders | 3,261 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 20.3% |
| Vs. industry median margin | -10.8 pp | Machine Tools |
| ROA | -5.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10823332000 | ¥10992897000 | +1.6% |
| Operating income | ¥-339517000 | ¥-408538000 | — |
| Operating margin | -3.1% | -3.7% | -0.6 pp |
| Employees | 666 people | 596 people | -10.5% |
| Cash and equivalents | ¥3144084000 | ¥2234362000 | -28.9% |

### 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 |
| --- | ---: |
| フィルタ → フィルタ | 20.7% |
| フィルタ → 事業再編・廃止 | 0.6% |
| ネットシェイプ → 事業再編・廃止 | 46.4% |
| アッセンブリ → 事業再編・廃止 | 32.3% |
| 新設・再編 → 金型 | 40.6% |
| 新設・再編 → 精密部品 | 38.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Kanagata | 3 years | -2.0% | ¥4467834000 | -6.5% | 2 |
| Seimitu Buhin | 3 years | +5.7% | ¥4244738000 | -5.2% | 2 |
| Filter | 5 years | -0.2% | ¥2280324000 | 2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,993 | 100.0% | S100YGVK |
| Cost of revenue | 9,190 | 83.6% | S100YGVK |
| Gross profit | 1,803 | 16.4% | S100YGVK |
| SG&A | 2,211 | 20.1% | S100YGVK |
| Operating income | -409 | -3.7% | S100YGVK |
| Ordinary income | -446 | -4.1% | S100YGVK |
| Pretax income | -767 | -7.0% | S100YGVK |
| Income tax | 24 | 0.2% | S100YGVK |
| Net income | -791 | -7.2% | S100YGVK |
| Net income attributable to owners | -754 | -6.9% | S100YGVK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 20 |
| Operating income | -4 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 16.4% → Operating margin -3.7% → Net margin -6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 11,603 | 10,993 | -610 | -5.3% |
| Gross profit | 2,322 | 1,803 | -519 | -22.4% |
| Operating income | 154 | -409 | -562 | -365.9% |
| Net income attributable to owners | 56 | -754 | -811 | -1435.3% |
| Operating cash flow | 762 | 611 | -151 | -19.9% |
| Free cash flow | -160 | -275 | -115 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,774 | 713 | 4.8% | 478 | 2,264 | 1,493 | S100LODX |
| FY ending Mar 2021 | 10,823 | -340 | -3.1% | -171 | 781 | 130 | S100OAP9 |
| FY ending Mar 2022 | 12,301 | 217 | 1.8% | -619 | 699 | 124 | S100QZVC |
| FY ending Mar 2023 | 10,848 | -202 | -1.9% | -485 | 208 | -256 | S100TOX2 |
| FY ending Mar 2024 | 11,324 | -43 | -0.4% | 45 | 741 | 59 | S100W0VR |
| FY ending Mar 2025 | 11,603 | 154 | 1.3% | 56 | 762 | -160 | S100YGVK |
| FY ending Mar 2026 | 10,993 | -409 | -3.7% | -754 | 611 | -275 | S100YGVK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | -¥685.5K |
| 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) | 660 | 656 | 649 | 639 | 596 |
| Average salary (parent company) | ¥5.7M | ¥5.4M | ¥5.3M | ¥5.6M | ¥5.5M |
| Average age (parent company) | 40.1 years | 40.6 years | 41.6 years | 41.9 years | 42.3 years |
| Average tenure (parent company) | 15.7 years | 16.2 years | 16.8 years | 17.4 years | 17.6 years |

Year over year: Employees (consolidated) -6.7% · Revenue (consolidated) -5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Kanagata | 4,468 | 40.6% | -292 | -6.5% |
| Seimitu Buhin | 4,245 | 38.6% | -220 | -5.2% |
| Filter | 2,280 | 20.7% | 66 | 2.9% |

### 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 |
| --- | ---: |
| Kanagata | 40.6% |
| Seimitu Buhin | 38.6% |
| Filter | 20.7% |

Segment → industry: Seimitu Buhin → Auto Parts / Kanagata → Machine Tools / Filter → 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 | 611 | 5.6% | S100YGVK |
| Capital expenditure | 886 | 8.1% | S100YGVK |
| Free cash flow | -275 | -2.5% | 算出 |
| Investing cash flow | -647 | -5.9% | S100YGVK |
| Financing cash flow | -572 | -5.2% | S100YGVK |
| Dividends paid | 54 | 0.5% | S100YGVK |
| Share buyback | 10 | 0.1% | S100YGVK |
| Change in cash | -519 | -4.7% | S100YGVK |
| Cash and equivalents | 2,234 | 20.3% | S100YGVK |

## 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 | 3,768 | 3,801 | 3,047 | 2,754 | 2,234 | S100TOX2, S100W0VR, S100YGVK |
| Total assets | 15,327 | 15,375 | 15,187 | 15,174 | 13,983 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Net assets | 11,440 | 11,301 | 10,896 | 11,170 | 10,758 | S100TOX2, S100W0VR, S100YGVK |
| Share capital | 1,430 | 1,430 | 1,430 | 1,430 | 1,430 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Property, plant and equipment | 5,055 | 4,868 | 5,286 | 5,579 | 5,742 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Intangible assets excluding goodwill | 561 | 498 | 453 | 460 | 392 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Investment securities | 38 | 37 | 66 | 74 | 93 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Current assets | 9,181 | 9,433 | 8,770 | 8,373 | 6,769 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Current liabilities | 3,250 | 3,359 | 3,694 | 3,502 | 2,851 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Short-term borrowings | 430 | 1,000 | 1,000 | 1,200 | 1,200 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Long-term borrowings | 545 | 617 | 417 | 250 | 61 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Total liabilities | 3,888 | 4,073 | 4,291 | 4,003 | 3,225 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Non-controlling interests | 1,076 | 1,153 | 459 | 208 | 185 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Equity attributable to owners of parent | 9,983 | 9,435 | 9,369 | 9,395 | 8,579 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Retained earnings | 7,362 | 6,814 | 6,804 | 6,825 | 6,016 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |
| Treasury stock | -1 | -1 | -1 | -1 | -8 | S100QZVC, S100TOX2, S100W0VR, S100YGVK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YGVK |
| Property, plant and equipment | 41% | S100YGVK |
| Intangibles and goodwill | 3% | S100YGVK |
| Investment securities | 1% | S100YGVK |
| Other assets | 39% | S100YGVK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YGVK |
| Equity | 77% | S100YGVK |
| Other liabilities | 0% | S100YGVK |

### 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 | 15,327 | 15,375 | 15,187 | 15,174 | 13,983 |
| Equity | 11,440 | 11,301 | 10,896 | 11,170 | 10,758 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,768 | 3,801 | 3,047 | 2,754 | 2,234 |

## 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) | 52.2% | S100YGVK |
| Fixed assets ÷ total assets | 41.1% | S100YGVK |
| Goodwill ÷ parent equity | — | —, S100YGVK |

### 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) | 16.0% |
| Cash ÷ revenue | 20.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,365 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 105.8% |

## 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 | — | —× | -4.0% | —× | — | S100QZVC |
| 2023 | — | —× | -3.2% | —× | — | S100TOX2 |
| 2024 | 0.4% | 0.74× | 0.3% | 1.63× | 0.5% | S100W0VR |
| 2025 | 0.5% | 0.76× | 0.4% | 1.62× | 0.6% | S100YGVK |
| 2026 | — | —× | -5.2% | —× | — | S100YGVK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ジャスト | Major shareholder | 9.8% | 2026-03-31 |
| 田中 克尚 | Major shareholder | 5.3% | 2026-03-31 |
| ニチダイ従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 中棹 知子 | Major shareholder | 3.1% | 2026-03-31 |
| 永井 詳二 | Major shareholder | 3.0% | 2026-03-31 |
| 古屋 啓子 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 高見 千秋 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YGVK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVK,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W0VR | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0VR,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TOX2 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOX2,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100QZVC | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZVC,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OAP9 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAP9,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LODX | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LODX,, |

## 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).