# NIHON ISK Company, Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/01/01－2025/12/31) (S100XV0H)
> Page: https://vizora.meequs.com/en/company/nihon-isk
> Retrieved: 2026-09-30T17:58:17.754Z

## Company

Nihon ISK, founded in 1916, is a company in Medical Devices listed on TSE Standard. It has 283 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON ISK CO.,LTD. |
| Ticker | 7986 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7986.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区元浅草2丁目7番13号 |
| Representative (per filing) | 代表取締役社長 曽根栄二 |
| Founded | Aug 1916 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 283 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.king-ind.co.jp (https://www.king-ind.co.jp/) |
| Corporate number | 1010501003516 |
| EDINET | E01656 |
| Industries (Vizora) | Medical Devices, Real Estate Development & Leasing, Specialty Trading & Wholesale, Stationery & Office Supplies |

> Profile source: annual securities report (S100XV0H, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.3 | 38 |
| Profitability | 42.3 | 39 |
| Cash conversion | 38.2 | 38 |
| Efficiency | 83.3 | 39 |

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 34% of Nihon ISK's sales come from Dental related business, with Book room and locker related business and Steel products related business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit +14.9%.

## Company structure

- Segment revenue mix: Dental related business 34.1%、Book room and locker related business 32.3%、Steel products related business 28.4%、Real estate leasing related business 2.9%、Other 2.2%
- Revenue → net income: ¥6064134000 → ¥429296000
- Net income → operating cash flow: ¥429296000 → ¥400337000（difference ¥-28959000）
- Main uses of operating cash flow: CapEx ¥48899000 / dividends ¥46752000 / buybacks ¥58309000
- Change in cash: ¥240527000
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 | ¥6.06B |  |
| Operating income | ¥595.8M | Margin 9.8% |
| Net income | ¥418.7M | Margin 6.9% |
| Free cash flow | ¥351.4M |  |
| Largest business | Dental related business | of segment revenue 34.1% |
| Employees (consolidated) | 283 |  |
| EPS | ¥265.09 |  |
| Book value per share | ¥2976.28 |  |
| Equity ratio | 70.4% |  |
| Shares outstanding | 1,776,000 |  |
| Treasury shares | 242,400 |  |
| Shareholders | 1,100 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 21.5% | Cash ÷ revenue 23.3% |
| Vs. industry median margin | -1.3 pp | Medical Devices |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5000962000 | ¥6064134000 | +21.3% |
| Operating income | ¥300131000 | ¥595812000 | +98.5% |
| Operating margin | 6.0% | 9.8% | +3.8 pp |
| Employees | 264 people | 283 people | +7.2% |
| Cash and equivalents | ¥1489946000 | ¥1410760000 | -5.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 鋼製品関連事業 → 鋼製品関連事業 | 27.7% |
| デンタル関連事業 → デンタル関連事業 | 30.7% |
| 書庫ロッカー関連事業 → 書庫ロッカー関連事業 | 32.3% |
| 書庫ロッカー関連事業 → 事業再編・廃止 | 1.4% |
| 不動産賃貸関連事業 → 不動産賃貸関連事業 | 2.9% |
| 不動産賃貸関連事業 → 事業再編・廃止 | 1.4% |
| ＯＡフロア関連事業 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 2.2% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 鋼製品関連事業 | 0.7% |
| 新設・再編 → デンタル関連事業 | 3.4% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dental related business | 5 years | +5.9% | ¥2065829000 | 13.5% | 2 |
| Book room and locker related business | 5 years | +2.9% | ¥1961543000 | 8.4% | 2 |
| Steel products related business | 5 years | +4.3% | ¥1722049000 | 16.0% | 2 |
| Real estate leasing related business | 5 years | -3.9% | ¥178533000 | 87.4% | 2 |
| Other | 5 years | +0.5% | ¥136179000 | 21.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,064 | 100.0% | S100XV0H |
| Cost of revenue | 4,208 | 69.4% | S100XV0H |
| Gross profit | 1,856 | 30.6% | S100XV0H |
| SG&A | 1,260 | 20.8% | S100XV0H |
| Operating income | 596 | 9.8% | S100XV0H |
| Ordinary income | 604 | 10.0% | S100XV0H |
| Pretax income | 603 | 9.9% | S100XV0H |
| Income tax | 174 | 2.9% | S100XV0H |
| Net income | 429 | 7.1% | S100XV0H |
| Net income attributable to owners | 419 | 6.9% | S100XV0H |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 21 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 30.6% → Operating margin 9.8% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.8%; Core profit growth: +14.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.38×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,901 | 6,064 | 163 | +2.8% |
| Gross profit | 1,727 | 1,856 | 129 | +7.4% |
| Operating income | 519 | 596 | 77 | +14.9% |
| Net income attributable to owners | 434 | 419 | -15 | -3.4% |
| Operating cash flow | 329 | 400 | 71 | +21.6% |
| Free cash flow | 311 | 351 | 40 | +13.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,470 | 419 | 7.7% | 314 | 407 | 351 | S100L2WT |
| FY ending Dec 2020 | 5,001 | 300 | 6.0% | 264 | 449 | 372 | S100NSFT |
| FY ending Dec 2021 | 5,516 | 445 | 8.1% | 332 | 85 | 63 | S100QI98 |
| FY ending Dec 2022 | 5,247 | 130 | 2.5% | 181 | -31 | -165 | S100T5WD |
| FY ending Dec 2023 | 5,713 | 508 | 8.9% | 375 | 379 | -187 | S100VHDK |
| FY ending Dec 2024 | 5,901 | 519 | 8.8% | 434 | 329 | 311 | S100XV0H |
| FY ending Dec 2025 | 6,064 | 596 | 9.8% | 419 | 400 | 351 | S100XV0H |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.4M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 270 | 265 | 274 | 281 | 283 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥4.9M | ¥5M | ¥5.2M |
| Average age (parent company) | 38.7 years | 39.2 years | 39.1 years | 38.3 years | 38.1 years |
| Average tenure (parent company) | 14.2 years | 14.8 years | 14.3 years | 13.8 years | 13.5 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +2.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel products related business | 1,722 | 28.4% | 275 | 16.0% |
| Dental related business | 2,066 | 34.1% | 280 | 13.5% |
| Book room and locker related business | 1,962 | 32.3% | 165 | 8.4% |
| Real estate leasing related business | 179 | 2.9% | 156 | 87.4% |
| Other | 136 | 2.2% | 29 | 21.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel products related business | 28.4% | 30.4% | 2.0 | 16.0% |
| Dental related business | 34.1% | 30.9% | -3.1 | 13.5% |
| Book room and locker related business | 32.3% | 18.2% | -14.1 | 8.4% |
| Real estate leasing related business | 2.9% | 17.2% | 14.3 | 87.4% |
| Other | 2.2% | 3.2% | 1.0 | 21.6% |

Segment → industry: Dental related business → Medical Devices / Real estate leasing related business → Real Estate Development & Leasing / Other → Specialty Trading & Wholesale / Book room and locker related business → Stationery & Office Supplies / Steel products related business → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 400 | 6.6% | S100XV0H |
| Capital expenditure | 49 | 0.8% | S100XV0H |
| Free cash flow | 351 | 5.8% | 算出 |
| Investing cash flow | -54 | -0.9% | S100XV0H |
| Financing cash flow | -106 | -1.7% | S100XV0H |
| Dividends paid | 47 | 0.8% | S100XV0H |
| Share buyback | 58 | 1.0% | S100XV0H |
| Change in cash | 241 | 4.0% | S100XV0H |
| Cash and equivalents | 1,411 | 23.3% | S100XV0H |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,494 | 1,216 | 980 | 1,170 | 1,411 | S100T5WD, S100VHDK, S100XV0H |
| Total assets | 5,517 | 5,444 | 5,879 | 6,205 | 6,572 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Net assets | 3,636 | 3,715 | 4,007 | 4,353 | 4,709 | S100T5WD, S100VHDK, S100XV0H |
| Share capital | 1,091 | 1,091 | 1,091 | 1,091 | 1,091 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Trade receivables | 1,344 | 1,343 | 1,333 | 1,222 | 1,106 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Property, plant and equipment | 1,442 | 1,491 | 1,950 | 1,917 | 1,859 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Intangible assets excluding goodwill | 3 | 2 | 3 | 1 | 2 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Investment securities | 127 | 140 | 175 | 216 | 270 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Current assets | 3,114 | 2,967 | 2,688 | 2,808 | 2,968 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Current liabilities | 1,492 | 1,305 | 1,348 | 1,277 | 1,173 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Trade payables | 762 | 774 | 772 | 607 | 522 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Total liabilities | 1,881 | 1,729 | 1,872 | 1,852 | 1,864 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Non-controlling interests | 57 | 58 | 66 | 70 | 80 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Equity attributable to owners of parent | 3,535 | 3,608 | 3,870 | 4,188 | 4,501 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Retained earnings | 2,447 | 2,577 | 2,902 | 3,287 | 3,659 | S100QI98, S100T5WD, S100VHDK, S100XV0H |
| Treasury stock | -67 | -123 | -187 | -254 | -312 | S100QI98, S100T5WD, S100VHDK, S100XV0H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XV0H |
| Receivables | 17% | S100XV0H |
| Property, plant and equipment | 28% | S100XV0H |
| Intangibles and goodwill | 0% | S100XV0H |
| Investment securities | 4% | S100XV0H |
| Other assets | 29% | S100XV0H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XV0H |
| Other liabilities | 20% | S100XV0H |
| Equity | 72% | S100XV0H |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,517 | 5,444 | 5,879 | 6,205 | 6,572 |
| Equity | 3,636 | 3,715 | 4,007 | 4,353 | 4,709 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,494 | 1,216 | 980 | 1,170 | 1,411 |

## 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) | 30.7% | S100XV0H |
| Fixed assets ÷ total assets | 28.3% | S100XV0H |
| Goodwill ÷ parent equity | — | —, S100XV0H |

### 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) | 21.5% |
| Cash ÷ revenue | 23.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.2% |
| Cash vs. profit gap | -18 JPY mn (of net income -4.4%) |
| Shareholder returns / net income | 25.1% |
| Shareholder returns / FCF | 29.9% |
| Shareholder payments — dividends / net income | 11.2% |
| Shareholder payments — dividends / FCF | 13.3% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 13.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.0% | 1.00× | 6.0% | 1.56× | 9.4% | S100QI98 |
| 2022 | 3.5% | 0.96× | 3.3% | 1.53× | 5.1% | S100T5WD |
| 2023 | 6.6% | 1.01× | 6.6% | 1.51× | 10.0% | S100VHDK |
| 2024 | 7.3% | 0.98× | 7.2% | 1.50× | 10.8% | S100XV0H |
| 2025 | 6.9% | 0.95× | 6.6% | 1.47× | 9.6% | S100XV0H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 廣澤興産㈲ | Major shareholder | 23.2% | 2025-12-31 |
| 廣澤 清 | Major shareholder | 14.2% | 2025-12-31 |
| 広沢 かほる | Major shareholder | 9.1% | 2025-12-31 |
| (公財)広沢育英会 | Major shareholder | 7.8% | 2025-12-31 |
| 広沢㈲ | Major shareholder | 6.5% | 2025-12-31 |
| 内藤 征吾 | Major shareholder | 1.7% | 2025-12-31 |
| ㈱ＥＰＡＲＫ | Major shareholder | 1.6% | 2025-12-31 |
| ㈱ＳＢＩ証券 | Major shareholder | 1.5% | 2025-12-31 |
| 大島 勇 | Major shareholder | 1.0% | 2025-12-31 |
| 楽天証券㈱共有口 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/01/01－2025/12/31) | S100XV0H | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV0H,, |
| 有価証券報告書－第78期(2024/01/01－2024/12/31) | S100VHDK | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHDK,, |
| 有価証券報告書－第77期(2023/01/01－2023/12/31) | S100T5WD | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5WD,, |
| 有価証券報告書－第76期(2022/01/01－2022/12/31) | S100QI98 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI98,, |
| 有価証券報告書－第75期(令和3年1月1日－令和3年12月31日) | S100NSFT | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSFT,, |
| 有価証券報告書－第74期(令和2年1月1日－令和2年12月31日) | S100L2WT | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2WT,, |

## 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).