# NIHON KOGYO 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71期(2025/04/01－2026/03/31) (S100YFPM)
> Page: https://vizora.meequs.com/en/company/nihon-kogyo
> Retrieved: 2026-09-30T19:49:50.649Z

## Company

Nihon Kogyo, founded in 1956, is a company in Cement & Concrete listed on TSE Standard. It has 431 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON KOGYO CO., LTD. |
| Ticker | 5279 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5279.T) |
| Listing | TSE Standard |
| Head office | 香川県さぬき市志度4614番地13 |
| Representative (per filing) | 代表取締役社長 山口芳美 |
| Founded | Aug 1956 |
| Share capital | ¥2.02B |
| Employees (consolidated) | 431 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.nihon-kogyo.co.jp (https://www.nihon-kogyo.co.jp/) |
| Corporate number | 3470001011236 |
| EDINET | E01200 |
| Industries (Vizora) | Cement & Concrete, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YFPM, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.4 | 16 |
| Profitability | 15.6 | 16 |
| Cash conversion | 15.6 | 16 |
| Efficiency | 84.4 | 16 |

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 72% of Nihon Kogyo's sales come from Civil construction materials business unit, with Landscape materials business unit and Garden and exterior business unit making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit +33.0%.

## Company structure

- Segment revenue mix: Civil construction materials business unit 72.2%、Landscape materials business unit 21.7%、Garden and exterior business unit 6.2%
- Revenue → net income: ¥16321050000 → ¥577907000
- Net income → operating cash flow: ¥577907000 → ¥340774000（difference ¥-237133000）
- Main uses of operating cash flow: CapEx ¥714765000 / dividends ¥115953000 / buybacks ¥147000
- Change in cash: ¥-45396000
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 | ¥16.3B |  |
| Operating income | ¥790.7M | Margin 4.8% |
| Net income | ¥577.9M | Margin 3.5% |
| Free cash flow | -¥374M |  |
| Largest business | Civil construction materials business unit | of segment revenue 72.2% |
| Employees (consolidated) | 431 |  |
| EPS | ¥193.56 |  |
| Book value per share | ¥2856.38 |  |
| Equity ratio | 50.1% |  |
| Shares outstanding | 3,064,000 |  |
| Treasury shares | 147,600 |  |
| Shareholders | 1,864 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 8.3% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | -3.3 pp | Cement & Concrete |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12229829000 | ¥16321050000 | +33.5% |
| Operating income | ¥441832000 | ¥790687000 | +79.0% |
| Operating margin | 3.6% | 4.8% | +1.2 pp |
| Employees | 345 people | 431 people | +24.9% |
| Cash and equivalents | ¥1338358000 | ¥1421900000 | +6.2% |

### 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 |
| --- | ---: |
| 土木資材事業 → 土木資材事業 | 65.4% |
| 景観資材事業 → 景観資材事業 | 21.7% |
| 景観資材事業 → 事業再編・廃止 | 3.1% |
| エクステリア事業 → エクステリア事業 | 6.2% |
| エクステリア事業 → 事業再編・廃止 | 3.7% |
| 新設・再編 → 土木資材事業 | 6.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Civil construction materials business unit | 5 years | +8.0% | ¥11778460000 | 6.5% | 2 |
| Landscape materials business unit | 5 years | +3.2% | ¥3538384000 | 0.9% | 2 |
| Garden and exterior business unit | 5 years | -3.6% | ¥1004205000 | -0.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,321 | 100.0% | S100YFPM |
| Cost of revenue | 12,708 | 77.9% | S100YFPM |
| Gross profit | 3,613 | 22.1% | S100YFPM |
| SG&A | 2,823 | 17.3% | S100YFPM |
| Operating income | 791 | 4.8% | S100YFPM |
| Ordinary income | 823 | 5.0% | S100YFPM |
| Pretax income | 812 | 5.0% | S100YFPM |
| Income tax | 234 | 1.4% | S100YFPM |
| Net income | 578 | 3.5% | S100YFPM |
| Net income attributable to owners | 578 | 3.5% | S100YFPM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.1% → Operating margin 4.8% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.7%; Core profit growth: +33.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.09×
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 | 14,746 | 16,321 | 1,575 | +10.7% |
| Gross profit | 3,047 | 3,613 | 566 | +18.6% |
| Operating income | 595 | 791 | 196 | +33.0% |
| Net income attributable to owners | 394 | 578 | 184 | +46.8% |
| Operating cash flow | 666 | 341 | -325 | -48.8% |
| Free cash flow | 357 | -374 | -731 | -204.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,600 | 527 | 4.2% | 271 | 840 | 675 | S100LLT8 |
| FY ending Mar 2021 | 12,230 | 442 | 3.6% | 327 | 1,014 | 523 | S100OBMK |
| FY ending Mar 2022 | 11,769 | 364 | 3.1% | 273 | 679 | 431 | S100R315 |
| FY ending Mar 2023 | 11,336 | 281 | 2.5% | 199 | 225 | -39 | S100TPY9 |
| FY ending Mar 2024 | 13,673 | 414 | 3.0% | 295 | 1,255 | 785 | S100W1XY |
| FY ending Mar 2025 | 14,746 | 595 | 4.0% | 394 | 666 | 357 | S100YFPM |
| FY ending Mar 2026 | 16,321 | 791 | 4.8% | 578 | 341 | -374 | S100YFPM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.9M |
| Operating income per employee (consolidated) | ¥1.8M |
| 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) | 328 | 384 | 400 | 411 | 431 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥5M | ¥5M | ¥5.5M |
| Average age (parent company) | 43.8 years | 43.7 years | 43.4 years | 43.7 years | 43.9 years |
| Average tenure (parent company) | 12.5 years | 11.4 years | 11.3 years | 11.5 years | 11.6 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil construction materials business unit | 11,778 | 72.2% | 769 | 6.5% |
| Landscape materials business unit | 3,538 | 21.7% | 30 | 0.9% |
| Garden and exterior business unit | 1,004 | 6.2% | -8 | -0.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil construction materials business unit | 72.2% | 96.2% | 24.0 | 6.5% |
| Landscape materials business unit | 21.7% | 3.8% | -17.9 | 0.9% |
| Garden and exterior business unit | 6.2% | — | — | -0.8% |

Loss-making segment (excluded from profit shares): Garden and exterior business unit -8 JPY mn

Segment → industry: Garden and exterior business unit → Cement & Concrete / Landscape materials business unit → Cement & Concrete / Civil construction materials business unit → Cement & Concrete / Garden and exterior business unit → Housing Equipment & Building Materials

## 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 | 341 | 2.1% | S100YFPM |
| Capital expenditure | 715 | 4.4% | S100YFPM |
| Free cash flow | -374 | -2.3% | 算出 |
| Investing cash flow | -754 | -4.6% | S100YFPM |
| Financing cash flow | 367 | 2.3% | S100YFPM |
| Dividends paid | 116 | 0.7% | S100YFPM |
| Share buyback | 0 | 0.0% | S100YFPM |
| Change in cash | -45 | -0.3% | S100YFPM |
| Cash and equivalents | 1,422 | 8.7% | S100YFPM |

## 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 | 1,372 | 1,443 | 1,454 | 1,467 | 1,422 | S100TPY9, S100W1XY, S100YFPM |
| Total assets | 13,760 | 15,207 | 15,619 | 16,209 | 17,206 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Net assets | 7,161 | 7,484 | 7,661 | 7,913 | 8,623 | S100TPY9, S100W1XY, S100YFPM |
| Share capital | 2,020 | 2,020 | 2,020 | 2,020 | 2,020 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Trade receivables | 3,015 | — | — | — | — | S100OBMK |
| Property, plant and equipment | 5,736 | 5,855 | 6,106 | 6,169 | 6,500 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Intangible assets excluding goodwill | 147 | 216 | 232 | 215 | 226 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Goodwill | — | 69 | 55 | 41 | 28 | S100TPY9, S100W1XY, S100YFPM |
| Investment securities | 467 | 553 | 665 | 657 | 832 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Current assets | 7,087 | 8,184 | 8,185 | 8,769 | 9,026 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Current liabilities | 5,633 | 6,290 | 6,643 | 7,088 | 7,167 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Trade payables | 1,293 | 1,316 | 1,272 | 1,146 | 989 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Short-term borrowings | 2,152 | 2,540 | 2,420 | 2,457 | 2,996 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Long-term borrowings | 671 | 1,083 | 853 | 749 | 895 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Total liabilities | 6,599 | 7,723 | 7,958 | 8,296 | 8,582 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Non-controlling interests | — | 179 | — | — | — | S100TPY9 |
| Equity attributable to owners of parent | 6,922 | 7,048 | 7,230 | 7,543 | 8,021 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Retained earnings | 2,968 | 3,094 | 3,317 | 3,623 | 4,085 | S100R315, S100TPY9, S100W1XY, S100YFPM |
| Treasury stock | -91 | -91 | -91 | -87 | -80 | S100R315, S100TPY9, S100W1XY, S100YFPM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YFPM |
| Property, plant and equipment | 38% | S100YFPM |
| Intangibles and goodwill | 1% | S100YFPM |
| Investment securities | 5% | S100YFPM |
| Other assets | 48% | S100YFPM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YFPM |
| Other liabilities | 44% | S100YFPM |
| Equity | 50% | S100YFPM |

### 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 | 13,760 | 15,207 | 15,619 | 16,209 | 17,206 |
| Equity | 7,161 | 7,484 | 7,661 | 7,913 | 8,623 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,372 | 1,443 | 1,454 | 1,467 | 1,422 |

## 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) | 39.8% | S100YFPM |
| Fixed assets ÷ total assets | 37.8% | S100YFPM |
| Goodwill ÷ parent equity | 0.3% | S100YFPM |

### 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) | 8.3% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.1% |
| Cash vs. profit gap | -237 JPY mn (of net income -41.0%) |
| Shareholder returns / net income | 20.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 221.2% |

## 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 | 2.3% | 0.86× | 2.0% | 1.99× | 3.9% | S100R315 |
| 2023 | 1.8% | 0.78× | 1.4% | 2.07× | 2.8% | S100TPY9 |
| 2024 | 2.2% | 0.89× | 1.9% | 2.16× | 4.1% | S100W1XY |
| 2025 | 2.7% | 0.93× | 2.5% | 2.15× | 5.3% | S100YFPM |
| 2026 | 3.5% | 0.98× | 3.5% | 2.15× | 7.4% | S100YFPM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 積水樹脂株式会社 | Major shareholder | 23.7% | 2026-03-31 |
| ニッコー共栄会 | Major shareholder | 8.9% | 2026-03-31 |
| ニッコー持株会 | Major shareholder | 4.9% | 2026-03-31 |
| ＵＢＥ三菱セメント株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社伊予銀行 （常任代理人） 株式会社日本カストディ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| アサノ産業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 中 山 盛 雄 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社香川銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.5% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人） 株式会社日本カストディ銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YFPM | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFPM,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W1XY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1XY,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TPY9 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPY9,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R315 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R315,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OBMK | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBMK,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LLT8 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLT8,, |

## 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).