# NIHON DENGI CO., LTD.: 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67期(2025/04/01－2026/03/31) (S100YH9O)
> Page: https://vizora.meequs.com/en/company/nihon-dengi
> Retrieved: 2026-09-30T20:26:12.867Z

## Company

Nihon Dengi, founded in 1959, is a company in Robots & Factory Automation listed on TSE Standard. It has 989 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON DENGI CO., LTD. |
| Ticker | 1723 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1723.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区両国二丁目10番14号 |
| Representative (per filing) | 代表取締役社長 島田 良介 |
| Founded | Sep 1959 |
| Share capital | ¥470M |
| Employees (consolidated) | 989 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.nihondengi.co.jp (https://www.nihondengi.co.jp/) |
| Corporate number | 1010601021483 |
| EDINET | E00313 |
| Industries (Vizora) | Robots & Factory Automation, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YH9O, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 72 |
| Profitability | 99.3 | 76 |
| Cash conversion | 62.8 | 74 |
| Efficiency | 20.4 | 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 90% of Nihon Dengi's sales come from Building Automation, with Factory Automation, Process Automation making up much of the rest.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +29.6%.

## Company structure

- Segment revenue mix: Building Automation 89.9%、Factory Automation, Process Automation 10.1%
- Revenue → net income: ¥46371000000 → ¥8442000000
- Net income → operating cash flow: ¥8442000000 → ¥11045000000（difference ¥2603000000）
- Main uses of operating cash flow: CapEx ¥2730000000 / dividends ¥2282000000 / buybacks ¥0
- Change in cash: ¥2839000000
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 | ¥46.4B |  |
| Operating income | ¥11.8B | Margin 25.5% |
| Net income | ¥8.44B | Margin 18.2% |
| Free cash flow | ¥8.31B |  |
| Largest business | Building Automation | of segment revenue 89.9% |
| Employees (consolidated) | 989 |  |
| EPS | ¥130.99 |  |
| Book value per share | ¥734.46 |  |
| Equity ratio | 76.7% |  |
| Shares outstanding | 16,395,000 |  |
| Treasury shares | 306,400 |  |
| Shareholders | 3,244 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 22.2% | Cash ÷ revenue 29.3% |
| Vs. industry median margin | +16.4 pp | Plant Engineering & Building Services |
| ROE | 20.5% | Derived from disclosed figures |
| ROA | 14.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34079000000 | ¥46371000000 | +36.1% |
| Operating income | ¥4584000000 | ¥11821000000 | +157.9% |
| Operating margin | 13.5% | 25.5% | +12 pp |
| Employees | 858 people | 989 people | +15.3% |
| Cash and equivalents | ¥9305000000 | ¥13585000000 | +46.0% |

### 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 |
| --- | ---: |
| 空調計装関連事業 → 空調計装関連事業 | 84.6% |
| 産業システム関連事業 → 産業システム関連事業 | 10.1% |
| 産業システム関連事業 → 事業再編・廃止 | 5.3% |
| 新設・再編 → 空調計装関連事業 | 5.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,371 | 100.0% | S100YH9O |
| Cost of revenue | 24,408 | 52.6% | S100YH9O |
| Gross profit | 21,963 | 47.4% | S100YH9O |
| SG&A | 10,141 | 21.9% | S100YH9O |
| Operating income | 11,821 | 25.5% | S100YH9O |
| Ordinary income | 12,126 | 26.1% | S100YH9O |
| Pretax income | 12,143 | 26.2% | S100YH9O |
| Income tax | 3,700 | 8.0% | S100YH9O |
| Net income | 8,442 | 18.2% | S100YH9O |
| Net income attributable to owners | 8,442 | 18.2% | S100YH9O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 22 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 47.4% → Operating margin 25.5% → Net margin 18.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +29.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.85×
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 | 43,061 | 46,371 | 3,310 | +7.7% |
| Gross profit | 18,656 | 21,963 | 3,307 | +17.7% |
| Operating income | 9,120 | 11,821 | 2,701 | +29.6% |
| Net income attributable to owners | 6,414 | 8,442 | 2,028 | +31.6% |
| Operating cash flow | 8,135 | 11,045 | 2,910 | +35.8% |
| Free cash flow | 7,654 | 8,315 | 661 | +8.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 34,079 | 4,584 | 13.5% | 3,324 | 4,096 | 3,756 | S100OGB0 |
| FY ending Mar 2022 | 31,669 | 4,074 | 12.9% | 3,029 | 1,357 | 1,236 | S100R6II |
| FY ending Mar 2023 | 34,308 | 4,502 | 13.1% | 3,167 | 3,518 | 3,305 | S100TRXG |
| FY ending Mar 2024 | 38,894 | 6,248 | 16.1% | 4,672 | 4,272 | 4,036 | S100W2JG |
| FY ending Mar 2025 | 43,061 | 9,120 | 21.2% | 6,414 | 8,135 | 7,654 | S100YH9O |
| FY ending Mar 2026 | 46,371 | 11,821 | 25.5% | 8,442 | 11,045 | 8,315 | S100YH9O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.9M |
| Operating income per employee (consolidated) | ¥12M |
| Net income per employee (consolidated) | ¥8.5M |

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) | 875 | 882 | 897 | 939 | 989 |
| Average salary (parent company) | ¥9.1M | ¥8.3M | ¥9.7M | ¥10M | ¥9.5M |
| Average age (parent company) | 41.0 years | 42.0 years | 42.3 years | 42.2 years | 42.0 years |
| Average tenure (parent company) | 16.4 years | 17.3 years | 17.5 years | 17.2 years | 16.9 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building Automation | 41,697 | 89.9% | 16,563 | 39.7% |
| Factory Automation, Process Automation | 4,674 | 10.1% | 867 | 18.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building Automation | 89.9% | 95.0% | 5.1 | 39.7% |
| Factory Automation, Process Automation | 10.1% | 5.0% | -5.1 | 18.5% |

Segment → industry: Factory Automation, Process Automation → Robots & Factory Automation / Factory Automation, Process Automation → Plant Engineering & Building Services / Building Automation → Plant Engineering & Building Services

## 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 | 11,045 | 23.8% | S100YH9O |
| Capital expenditure | 2,730 | 5.9% | S100YH9O |
| Free cash flow | 8,315 | 17.9% | 算出 |
| Investing cash flow | -5,820 | -12.6% | S100YH9O |
| Financing cash flow | -2,385 | -5.1% | S100YH9O |
| Dividends paid | 2,282 | 4.9% | S100YH9O |
| Share buyback | 0 | 0.0% | S100YH9O |
| Change in cash | 2,839 | 6.1% | S100YH9O |
| Cash and equivalents | 13,585 | 29.3% | S100YH9O |

## 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 | 8,159 | 8,487 | 8,530 | 10,746 | 13,585 | S100TRXG, S100W2JG, S100YH9O |
| Total assets | 38,571 | 43,290 | 46,021 | 52,886 | 61,099 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Net assets | 28,865 | 31,077 | 34,460 | 39,495 | 46,857 | S100TRXG, S100W2JG, S100YH9O |
| Share capital | 470 | 470 | 470 | 470 | 470 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Property, plant and equipment | 895 | 862 | 872 | 872 | 3,187 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Intangible assets excluding goodwill | 1,075 | 878 | 755 | 828 | 768 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Goodwill | 71 | 47 | 23 | — | — | S100R6II, S100TRXG, S100W2JG |
| Investment securities | 8,994 | 11,024 | 13,285 | 15,262 | 17,685 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Current assets | 25,305 | 27,784 | 28,289 | 32,681 | 35,959 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Current liabilities | 8,953 | 11,431 | 10,382 | 12,308 | 13,162 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Total liabilities | 9,705 | 12,212 | 11,561 | 13,391 | 14,241 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Equity attributable to owners of parent | 28,215 | 30,477 | 33,162 | 38,065 | 44,248 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Retained earnings | 27,790 | 30,045 | 32,969 | 37,856 | 44,015 | S100R6II, S100TRXG, S100W2JG, S100YH9O |
| Treasury stock | -370 | -365 | -761 | -752 | -739 | S100R6II, S100TRXG, S100W2JG, S100YH9O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YH9O |
| Property, plant and equipment | 5% | S100YH9O |
| Intangibles and goodwill | 1% | S100YH9O |
| Investment securities | 29% | S100YH9O |
| Other assets | 43% | S100YH9O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YH9O |
| Equity | 77% | S100YH9O |
| Other liabilities | 0% | S100YH9O |

### 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 | 38,571 | 43,290 | 46,021 | 52,886 | 61,099 |
| Equity | 28,865 | 31,077 | 34,460 | 39,495 | 46,857 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,159 | 8,487 | 8,530 | 10,746 | 13,585 |

## 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) | 6.9% | S100YH9O |
| Fixed assets ÷ total assets | 5.2% | S100YH9O |
| Goodwill ÷ parent equity | — | —, S100YH9O |

### 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) | 22.2% |
| Cash ÷ revenue | 29.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.4% |
| Cash vs. profit gap | 2,603 JPY mn (of net income 30.8%) |
| Shareholder returns / net income | 27.0% |
| Shareholder returns / FCF | 27.4% |
| Shareholder payments — dividends / net income | 27.0% |
| Shareholder payments — dividends / FCF | 27.4% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 52.7% |

## 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 | 9.6% | 0.82× | 7.9% | 1.37× | 10.7% | S100R6II |
| 2023 | 9.2% | 0.84× | 7.7% | 1.39× | 10.8% | S100TRXG |
| 2024 | 12.0% | 0.87× | 10.5% | 1.40× | 14.7% | S100W2JG |
| 2025 | 14.9% | 0.87× | 13.0% | 1.39× | 18.0% | S100YH9O |
| 2026 | 18.2% | 0.81× | 14.8% | 1.38× | 20.5% | S100YH9O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本電技従業員持株会 | Major shareholder | 8.3% | 2026-03-31 |
| 島田 良介 | Major shareholder | 6.6% | 2026-03-31 |
| 永田 健二 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.3% | 2026-03-31 |
| アズビル株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 島田 淳子 | Major shareholder | 3.0% | 2026-03-31 |
| 島田 祥子 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 永田 俊一 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YH9O | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH9O,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W2JG | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2JG,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TRXG | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRXG,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R6II | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6II,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OGB0 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGB0,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LU2Y | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU2Y,, |

## 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).