# NIFCO INC.: 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) (S100YGQB)
> Page: https://vizora.meequs.com/en/company/nifco
> Retrieved: 2026-09-30T21:33:42.019Z

## Company

Nifco, founded in 1946, is a company in Auto Parts listed on TSE Prime. It has 8,886 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIFCO INC. |
| Ticker | 7988 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7988.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横須賀市光の丘5番3号 |
| Representative (per filing) | 代表取締役社長 柴尾 雅春 |
| Founded | Oct 1946 |
| Share capital | ¥7.29B |
| Employees (consolidated) | 8,886 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.nifco.com (https://www.nifco.com/) |
| Corporate number | 5020001007855 |
| EDINET | E02386 |
| Industries (Vizora) | Auto Parts, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YGQB, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.5 | 110 |
| Profitability | 97.7 | 111 |
| Cash conversion | 17.1 | 108 |
| Efficiency | 37.4 | 111 |

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 90% of Nifco's sales come from Industrial plastic parts and components, with Bedding and furniture making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -2.3%.

## Company structure

- Segment revenue mix: Industrial plastic parts and components 89.5%、Bedding and furniture 10.5%
- Revenue → net income: ¥352650000000 → ¥35171000000
- Net income → operating cash flow: ¥35171000000 → ¥47163000000（difference ¥11992000000）
- Main uses of operating cash flow: CapEx ¥19019000000 / dividends ¥7611000000 / buybacks ¥9999000000
- Change in cash: ¥562000000
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 | ¥352.6B |  |
| Operating income | ¥48.1B | Margin 13.6% |
| Net income | ¥34.1B | Margin 9.7% |
| Free cash flow | ¥28.1B |  |
| Largest business | Industrial plastic parts and components | of segment revenue 89.5% |
| Employees (consolidated) | 8,886 |  |
| EPS | ¥302.79 |  |
| Book value per share | ¥1481.19 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 100,232,000 |  |
| Treasury shares | 6,854,500 |  |
| Shareholders | 3,494 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 36.0% | Cash ÷ revenue 40.2% |
| Vs. industry median margin | +8.9 pp | Auto Parts |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥256078000000 | ¥352650000000 | +37.7% |
| Operating income | ¥27695000000 | ¥48078000000 | +73.6% |
| Operating margin | 10.8% | 13.6% | +2.8 pp |
| Employees | 10,745 people | 8,886 people | -17.3% |
| Cash and equivalents | ¥95744000000 | ¥141659000000 | +48.0% |

### 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 |
| --- | ---: |
| 合成樹脂成形品事業 → 合成樹脂成形品事業 | 89.5% |
| 合成樹脂成形品事業 → 事業再編・廃止 | 0.6% |
| ベッド及び家具事業 → ベッド及び家具事業 | 9.9% |
| 新設・再編 → ベッド及び家具事業 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 352,650 | 100.0% | S100YGQB |
| Cost of revenue | 245,155 | 69.5% | S100YGQB |
| Gross profit | 107,494 | 30.5% | S100YGQB |
| SG&A | 59,416 | 16.8% | S100YGQB |
| Operating income | 48,078 | 13.6% | S100YGQB |
| Ordinary income | 51,275 | 14.5% | S100YGQB |
| Pretax income | 51,356 | 14.6% | S100YGQB |
| Income tax | 16,184 | 4.6% | S100YGQB |
| Net income | 35,171 | 10.0% | S100YGQB |
| Net income attributable to owners | 34,079 | 9.7% | S100YGQB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 17 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 30.5% → Operating margin 13.6% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -2.3%
Operating leverage (core profit growth ÷ revenue growth): 20.75×
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 | 353,038 | 352,650 | -388 | -0.1% |
| Gross profit | 107,200 | 107,494 | 294 | +0.3% |
| Operating income | 49,200 | 48,078 | -1,122 | -2.3% |
| Net income attributable to owners | 44,767 | 34,079 | -10,688 | -23.9% |
| Operating cash flow | 54,217 | 47,163 | -7,054 | -13.0% |
| Free cash flow | 36,032 | 28,144 | -7,888 | -21.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 288,012 | 29,737 | 10.3% | 18,321 | 35,829 | 11,982 | S100LN3S |
| FY ending Mar 2021 | 256,078 | 27,695 | 10.8% | 18,402 | 39,922 | 24,829 | S100P7KN |
| FY ending Mar 2022 | 283,777 | 30,540 | 10.8% | 22,959 | 31,743 | 22,129 | S100SYYW |
| FY ending Mar 2023 | 321,771 | 34,439 | 10.7% | 21,170 | 37,261 | 28,654 | S100TOUT |
| FY ending Mar 2024 | 371,639 | 43,925 | 11.8% | 18,252 | 47,257 | 38,458 | S100W273 |
| FY ending Mar 2025 | 353,038 | 49,200 | 13.9% | 44,767 | 54,217 | 36,032 | S100YGQB |
| FY ending Mar 2026 | 352,650 | 48,078 | 13.6% | 34,079 | 47,163 | 28,144 | S100YGQB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.7M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 10,193 | 10,169 | 10,226 | 9,041 | 8,886 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.6M | ¥7.1M | ¥7.5M |
| Average age (parent company) | 41.1 years | 41.8 years | 42.3 years | 41.7 years | 42.5 years |
| Average tenure (parent company) | 15.7 years | 16.3 years | 16.6 years | 16.7 years | 16.5 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial plastic parts and components | 315,691 | 89.5% | 47,663 | 15.1% |
| Bedding and furniture | 36,958 | 10.5% | 5,970 | 16.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial plastic parts and components | 89.5% | 88.9% | -0.7 | 15.1% |
| Bedding and furniture | 10.5% | 11.1% | 0.7 | 16.2% |

Segment → industry: Industrial plastic parts and components → Auto Parts / Bedding and furniture → Furniture, Interior & Lifestyle Goods

## 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 | 47,163 | 13.4% | S100YGQB |
| Capital expenditure | 19,019 | 5.4% | S100YGQB |
| Free cash flow | 28,144 | 8.0% | 算出 |
| Investing cash flow | -18,130 | -5.1% | S100YGQB |
| Financing cash flow | -31,355 | -8.9% | S100YGQB |
| Dividends paid | 7,611 | 2.2% | S100YGQB |
| Share buyback | 9,999 | 2.8% | S100YGQB |
| Change in cash | 562 | 0.2% | S100YGQB |
| Cash and equivalents | 141,659 | 40.2% | S100YGQB |

## 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 | 109,992 | 122,233 | 142,024 | 141,097 | 141,659 | S100TOUT, S100W273, S100YGQB |
| Total assets | 333,068 | 359,150 | 380,405 | 379,816 | 393,590 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Net assets | 200,875 | 226,127 | 247,052 | 278,725 | 299,571 | S100TOUT, S100W273, S100YGQB |
| Share capital | 7,290 | 7,290 | 7,290 | 7,290 | 7,290 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Property, plant and equipment | 103,329 | 104,921 | 96,953 | 107,685 | 115,503 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Intangible assets excluding goodwill | 2,094 | 1,887 | 1,407 | 2,194 | 2,024 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Goodwill | 735 | 467 | — | — | — | S100SYYW, S100TOUT |
| Investment securities | 3,359 | 3,317 | 4,764 | 684 | 426 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Current assets | 219,556 | 243,668 | 269,806 | 259,565 | 266,051 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Current liabilities | 61,780 | 71,744 | 84,091 | 67,223 | 57,122 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Trade payables | 22,258 | 25,076 | 26,601 | 26,284 | 21,926 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Short-term borrowings | 11,272 | 8,903 | 5,529 | 199 | — | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Long-term borrowings | 20,661 | 10,345 | 285 | 225 | 165 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Bonds | 35,000 | 35,000 | 35,000 | 25,000 | 25,000 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Interest-bearing debt | 66,933 | 54,248 | 40,814 | 25,424 | — | 算出 |
| Total liabilities | 132,193 | 133,023 | 133,353 | 101,090 | 94,018 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Non-controlling interests | 2,700 | 2,576 | 3,356 | 3,757 | 3,115 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Equity attributable to owners of parent | 195,946 | 209,966 | 218,983 | 242,168 | 258,861 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Retained earnings | 193,531 | 208,459 | 215,302 | 253,466 | 279,460 | S100SYYW, S100TOUT, S100W273, S100YGQB |
| Treasury stock | -18,737 | -19,691 | -3,608 | -18,588 | -27,888 | S100SYYW, S100TOUT, S100W273, S100YGQB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YGQB |
| Property, plant and equipment | 29% | S100YGQB |
| Intangibles and goodwill | 1% | S100YGQB |
| Investment securities | 0% | S100YGQB |
| Other assets | 34% | S100YGQB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YGQB |
| Other liabilities | 18% | S100YGQB |
| Equity | 76% | S100YGQB |
| Other liabilities | 0% | S100YGQB |

### 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 | 333,068 | 359,150 | 380,405 | 379,816 | 393,590 |
| Equity | 200,875 | 226,127 | 247,052 | 278,725 | 299,571 |
| Interest-bearing debt | 66,933 | 54,248 | 40,814 | 25,424 | — |
| Cash | 109,992 | 122,233 | 142,024 | 141,097 | 141,659 |

## 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) | 32.8% | S100YGQB |
| Fixed assets ÷ total assets | 29.3% | S100YGQB |
| Goodwill ÷ parent equity | — | —, S100YGQB |

### 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) | 36.0% |
| Cash ÷ revenue | 40.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.1% |
| Cash vs. profit gap | 13,084 JPY mn (of net income 38.4%) |
| Shareholder returns / net income | 51.7% |
| Shareholder returns / FCF | 62.6% |
| Shareholder payments — dividends / net income | 22.3% |
| Shareholder payments — dividends / FCF | 27.0% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 38.4% |

## 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 | 8.1% | 0.85× | 6.9% | 1.70× | 11.7% | S100SYYW |
| 2023 | 6.6% | 0.93× | 6.1% | 1.71× | 10.4% | S100TOUT |
| 2024 | 4.9% | 1.01× | 4.9% | 1.72× | 8.5% | S100W273 |
| 2025 | 12.7% | 0.93× | 11.8% | 1.65× | 19.4% | S100YGQB |
| 2026 | 9.7% | 0.91× | 8.8% | 1.54× | 13.6% | S100YGQB |

## 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 | 13.8% | 2026-03-31 |
| 公益財団法人小笠原敏晶記念財団 | Major shareholder | 11.1% | 2026-03-31 |
| GOLDMAN, SACHS & CO. REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510312 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510311 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 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 | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥352.6B, almost unchanged at -0.1% from ¥353B.
- Operating income slipped -2.3% to ¥48.1B.
- Net income dropped much further, down -23.9% to ¥34.1B.
- Operating cash flow also fell -13.0%, from ¥54.2B to ¥47.2B.

### Drivers

- In Japan, car production was cut repeatedly because of China's rare-earth export limits, natural disasters and delayed model launches, which lowered sales
- Cost cuts were not enough to offset higher prices and wages, which weighed on operating income
- Sales and profit fell in China as Japanese carmakers kept struggling there, while business with Korean carmakers stayed strong
- Housing starts fell sharply, cutting demand for housing-related parts

### Risks

- A large share of sales goes to major Japanese carmakers, so results depend on the economies of Japan, the US and China
- As more sales come from overseas, currency swings affect both reported results and material costs
- Companies from other industries entering the car market could mean more competitors, lower prices and lost orders

Cited: Annual Securities Report, 74th fiscal term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 74th fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YGQB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGQB,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W273 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W273,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TOUT | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOUT,, |
| 訂正有価証券報告書－第71期(2022/04/01－2023/03/31) | S100SYYW | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYYW,, |
| 訂正有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100P7KN | 2022-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7KN,, |
| 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) | S100LN3S | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN3S,, |

## 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).