# NIHON DEMPA KOGYO CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第85期(2025/04/01－2026/03/31) (S100YFNH)
> Page: https://vizora.meequs.com/en/company/nihon-dempa-kogyo
> Retrieved: 2026-09-30T21:58:41.685Z

## Company

Nihon Dempa Kogyo, founded in 1948, is a company in Electronic Components listed on TSE Prime. It has 2,313 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON DEMPA KOGYO CO., LTD. |
| Ticker | 6779 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6779.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区笹塚一丁目47番1号(メルクマール京王笹塚) |
| Representative (per filing) | 代表取締役執行役員社長 加藤啓美 |
| Founded | Apr 1948 |
| Share capital | ¥5.6B |
| Employees (consolidated) | 2,313 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.ndk.com (https://www.ndk.com/) |
| Corporate number | 1011001017865 |
| EDINET | E01807 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YFNH, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.3 | 53 |
| Profitability | 50.9 | 56 |
| Cash conversion | 46.9 | 48 |
| Efficiency | 45.5 | 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)

- Nihon Dempa Kogyo brought in ¥54.6B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit -27.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥54629000000 → ¥2065000000
- Net income → operating cash flow: ¥2065000000 → ¥4201000000（difference ¥2136000000）
- Main uses of operating cash flow: CapEx ¥6737000000 / dividends ¥694000000 / buybacks ¥164000000
- Change in cash: ¥-5076000000
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 | ¥54.6B |  |
| Operating income | ¥3.35B | Margin 6.1% |
| Net income | ¥2.06B | Margin 3.8% |
| Free cash flow | -¥2.54B |  |
| Employees (consolidated) | 2,313 |  |
| EPS | ¥89.73 |  |
| Book value per share | ¥742.61 |  |
| Equity ratio | 41.8% | Derived from disclosed figures |
| Shares outstanding | 23,128,605 |  |
| Treasury shares | 2,000 |  |
| Shareholders | 13,907 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 14.2% | Cash ÷ revenue 19.8% |
| Vs. industry median margin | +0.2 pp | Electronic Components |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39195000000 | ¥54629000000 | +39.4% |
| Operating income | ¥2844000000 | ¥3355000000 | +18.0% |
| Operating margin | 7.3% | 6.1% | -1.1 pp |
| Employees | 2,463 people | 2,313 people | -6.1% |
| Cash and equivalents | ¥16707000000 | ¥10805000000 | -35.3% |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,629 | 100.0% | S100YFNH |
| Cost of revenue | 38,918 | 71.2% | S100YFNH |
| Gross profit | 15,710 | 28.8% | S100YFNH |
| SG&A | 9,854 | 18.0% | S100YFNH |
| Operating income | 3,355 | 6.1% | S100YFNH |
| Pretax income | 2,552 | 4.7% | S100YFNH |
| Income tax | 487 | 0.9% | S100YFNH |
| Net income | 2,065 | 3.8% | S100YFNH |
| Net income attributable to owners | 2,065 | 3.8% | S100YFNH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 18 |
| Other operating | 5 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 28.8% → Operating margin 6.1% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.9%; Core profit growth: -27.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.29×
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 | 53,064 | 54,629 | 1,565 | +2.9% |
| Gross profit | 16,063 | 15,710 | -353 | -2.2% |
| Operating income | 4,622 | 3,355 | -1,267 | -27.4% |
| Net income attributable to owners | 1,792 | 2,065 | 273 | +15.2% |
| Operating cash flow | 6,109 | 4,201 | -1,908 | -31.2% |
| Free cash flow | 1,463 | -2,536 | -3,999 | -273.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 39,195 | 2,844 | 7.3% | 1,976 | 124 | -2,151 | S100OHS3 |
| FY ending Mar 2022 | 45,408 | 5,180 | 11.4% | 5,455 | 4,560 | 2,124 | S100R4SD |
| FY ending Mar 2023 | 52,508 | 8,327 | 15.9% | 6,181 | 6,564 | 3,290 | S100TSXK |
| FY ending Mar 2024 | 50,309 | 4,344 | 8.6% | 2,334 | 8,528 | 4,774 | S100W12A |
| FY ending Mar 2025 | 53,064 | 4,622 | 8.7% | 1,792 | 6,109 | 1,463 | S100YFNH |
| FY ending Mar 2026 | 54,629 | 3,355 | 6.1% | 2,065 | 4,201 | -2,536 | S100YFNH |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.6M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥892.8K |

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) | 2,378 | 2,417 | 2,366 | 2,334 | 2,313 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.5M | ¥6.8M | ¥7M |
| Average age (parent company) | 43.0 years | 43.0 years | 42.9 years | 43.1 years | 43.1 years |
| Average tenure (parent company) | 17.1 years | 16.9 years | 16.4 years | 16.5 years | 16.5 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,201 | 7.7% | S100YFNH |
| Capital expenditure | 6,737 | 12.3% | S100YFNH |
| Free cash flow | -2,536 | -4.6% | 算出 |
| Investing cash flow | -7,379 | -13.5% | S100YFNH |
| Financing cash flow | -2,443 | -4.5% | S100YFNH |
| Dividends paid | 694 | 1.3% | S100YFNH |
| Share buyback | 164 | 0.3% | S100YFNH |
| Change in cash | -5,076 | -9.3% | S100YFNH |
| Cash and equivalents | 10,805 | 19.8% | S100YFNH |

## 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 | 10,362 | 10,288 | 12,303 | 15,881 | 10,805 | S100TSXK, S100W12A, S100YFNH |
| Total assets | 61,220 | 64,197 | 66,171 | 71,522 | 76,325 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Net assets | 20,037 | 24,039 | 27,373 | 29,170 | 31,917 | S100TSXK, S100W12A, S100YFNH |
| Share capital | 5,596 | 5,596 | 5,596 | 5,596 | 5,596 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Property, plant and equipment | 16,791 | 17,503 | 18,087 | 19,716 | 23,173 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Goodwill | 15 | 15 | 15 | 15 | 15 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Current assets | 37,974 | 40,247 | 40,027 | 43,482 | 43,977 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Total liabilities | 41,182 | 40,157 | 38,797 | 42,351 | 44,407 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Equity attributable to owners of parent | 20,037 | 24,039 | 27,373 | 29,170 | 31,917 | S100R4SD, S100TSXK, S100W12A, S100YFNH |
| Retained earnings | 8,724 | 14,499 | 16,799 | 18,541 | 19,655 | S100R4SD, S100TSXK, S100W12A, S100YFNH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YFNH |
| Property, plant and equipment | 30% | S100YFNH |
| Intangibles and goodwill | 0% | — |
| Other assets | 56% | S100YFNH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YFNH |
| Equity | 42% | S100YFNH |
| Other liabilities | 0% | S100YFNH |

### 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 | 61,220 | 64,197 | 66,171 | 71,522 | 76,325 |
| Equity | 20,037 | 24,039 | 27,373 | 29,170 | 31,917 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,362 | 10,288 | 12,303 | 15,881 | 10,805 |

## 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) | 42.4% | S100YFNH |
| Fixed assets ÷ total assets | 30.4% | S100YFNH |
| Goodwill ÷ parent equity | 0.0% | S100YFNH |

Goodwill over 4 years: 15 → 15 JPY; total investing cash flow: -21,199 JPY. This does not imply causation.

### 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) | 14.2% |
| Cash ÷ revenue | 19.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.2% |
| Cash vs. profit gap | 2,136 JPY mn (of net income 103.4%) |
| Shareholder returns / net income | 41.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.3% |
| Investing CF relative to operating CF | 175.6% |

## 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 | 12.0% | 0.74× | 8.9% | 3.06× | 27.2% | S100R4SD |
| 2023 | 11.8% | 0.84× | 9.9% | 2.85× | 28.0% | S100TSXK |
| 2024 | 4.6% | 0.77× | 3.6% | 2.54× | 9.1% | S100W12A |
| 2025 | 3.4% | 0.77× | 2.6% | 2.44× | 6.3% | S100YFNH |
| 2026 | 3.8% | 0.74× | 2.8% | 2.42× | 6.8% | S100YFNH |

## 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 | 13.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.0% | 2026-03-31 |
| ＳＩＸ ＳＩＳ ＬＴＤ．(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 4.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 竹 内 敏 晃 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 竹 内 寛 | Major shareholder | 1.5% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YFNH | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFNH,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W12A | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W12A,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TSXK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSXK,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R4SD | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4SD,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OHS3 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHS3,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LO3R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO3R,, |

## 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).