# NIHON KOHDEN CORPORATION: 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75期(2025/04/01－2026/03/31) (S100YHO8)
> Page: https://vizora.meequs.com/en/company/nihon-kohden
> Retrieved: 2026-09-30T22:09:04.574Z

## Company

Nihon Kohden, founded in 1951, is a company in Medical Devices listed on TSE Prime. It has 6,116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON KOHDEN CORPORATION |
| Ticker | 6849 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6849.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西落合1丁目31番4号 |
| Representative (per filing) | 代表取締役社長執行役員 Chief Executive Officer 荻野博一 |
| Founded | Aug 1951 |
| Share capital | ¥7.54B |
| Employees (consolidated) | 6,116 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.nihonkohden.co.jp (https://www.nihonkohden.co.jp/) |
| Corporate number | 2011101016254 |
| EDINET | E01903 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YHO8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 38 |
| Profitability | 34.6 | 39 |
| Cash conversion | 61.8 | 38 |
| Efficiency | 80.8 | 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 62% of Nihon Kohden's sales come from Japan, with North America and Rest of World making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit -9.5%.

## Company structure

- Segment revenue mix: Japan 61.7%、North America 22.8%、Rest of World 15.5%
- Revenue → net income: ¥235099000000 → ¥14570000000
- Net income → operating cash flow: ¥14570000000 → ¥21055000000（difference ¥6485000000）
- Main uses of operating cash flow: CapEx ¥7858000000 / dividends ¥5233000000 / buybacks ¥6616000000
- Change in cash: ¥2576000000
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 | ¥235.1B |  |
| Operating income | ¥18.7B | Margin 8.0% |
| Net income | ¥14.5B | Margin 6.2% |
| Free cash flow | ¥13.2B |  |
| Largest business | Japan | of segment revenue 61.7% |
| Employees (consolidated) | 6,116 |  |
| EPS | ¥60.35 |  |
| Book value per share | ¥1031.55 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 170,961,960 |  |
| Treasury shares | 10,059,400 |  |
| Shareholders | 7,604 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | -3.1 pp | Medical Devices |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥199727000000 | ¥235099000000 | +17.7% |
| Operating income | ¥27094000000 | ¥18745000000 | -30.8% |
| Operating margin | 13.6% | 8.0% | -5.6 pp |
| Employees | 5,531 people | 6,116 people | +10.6% |
| Cash and equivalents | ¥44356000000 | ¥45637000000 | +2.9% |

### 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 |
| --- | ---: |
| 新設・再編 → 日本 | 61.7% |
| 新設・再編 → 北米 | 22.8% |
| 新設・再編 → その他の地域 | 15.5% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 3 years | +2.0% | ¥145141000000 | 9.7% | 2 |
| North America | 3 years | +15.0% | ¥53623000000 | 5.3% | 2 |
| Rest of World | 3 years | +1.7% | ¥36334000000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 235,099 | 100.0% | S100YHO8 |
| Cost of revenue | 113,372 | 48.2% | S100YHO8 |
| Gross profit | 121,726 | 51.8% | S100YHO8 |
| SG&A | 102,981 | 43.8% | S100YHO8 |
| Operating income | 18,745 | 8.0% | S100YHO8 |
| Ordinary income | 22,544 | 9.6% | S100YHO8 |
| Pretax income | 19,932 | 8.5% | S100YHO8 |
| Income tax | 5,362 | 2.3% | S100YHO8 |
| Net income | 14,570 | 6.2% | S100YHO8 |
| Net income attributable to owners | 14,513 | 6.2% | S100YHO8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 44 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 51.8% → Operating margin 8.0% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.3%; Core profit growth: -9.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.21×
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 | 225,424 | 235,099 | 9,675 | +4.3% |
| Gross profit | 117,157 | 121,726 | 4,569 | +3.9% |
| Operating income | 20,713 | 18,745 | -1,968 | -9.5% |
| Net income attributable to owners | 14,098 | 14,513 | 415 | +2.9% |
| Operating cash flow | 15,286 | 21,055 | 5,769 | +37.7% |
| Free cash flow | 6,577 | 13,197 | 6,620 | +100.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 185,007 | 15,503 | 8.4% | 9,854 | 9,217 | 5,626 | S100LQD7 |
| FY ending Mar 2021 | 199,727 | 27,094 | 13.6% | 18,243 | 13,945 | 10,561 | S100OKXR |
| FY ending Mar 2022 | 205,129 | 30,992 | 15.1% | 23,435 | 25,699 | 22,765 | S100R8P1 |
| FY ending Mar 2023 | 206,603 | 21,120 | 10.2% | 17,110 | -2,513 | -10,769 | S100TUGR |
| FY ending Mar 2024 | 221,986 | 19,591 | 8.8% | 17,026 | 15,607 | 10,821 | S100W1AR |
| FY ending Mar 2025 | 225,424 | 20,713 | 9.2% | 14,098 | 15,286 | 6,577 | S100YHO8 |
| FY ending Mar 2026 | 235,099 | 18,745 | 8.0% | 14,513 | 21,055 | 13,197 | S100YHO8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.4M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 5,639 | 5,751 | 5,891 | 6,114 | 6,116 |
| Average salary (parent company) | ¥8.9M | ¥9M | ¥9M | ¥9.3M | ¥9.4M |
| Average age (parent company) | 41.9 years | 42.0 years | 42.1 years | 42.5 years | 42.6 years |
| Average tenure (parent company) | 15.3 years | 15.3 years | 15.3 years | 15.8 years | 15.8 years |

Year over year: Employees (consolidated) +0.0% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 145,141 | 61.7% | 14,094 | 9.7% |
| North America | 53,623 | 22.8% | 2,858 | 5.3% |
| Rest of World | 36,334 | 15.5% | 2,250 | 6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 61.7% | 73.4% | 11.7 | 9.7% |
| North America | 22.8% | 14.9% | -7.9 | 5.3% |
| Rest of World | 15.5% | 11.7% | -3.7 | 6.2% |

Segment → industry: Rest of World → Medical Devices / North America → Medical Devices / Japan → Medical Devices

## 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 | 21,055 | 9.0% | S100YHO8 |
| Capital expenditure | 7,858 | 3.3% | S100YHO8 |
| Free cash flow | 13,197 | 5.6% | 算出 |
| Investing cash flow | -8,285 | -3.5% | S100YHO8 |
| Financing cash flow | -11,599 | -4.9% | S100YHO8 |
| Dividends paid | 5,233 | 2.2% | S100YHO8 |
| Share buyback | 6,616 | 2.8% | S100YHO8 |
| Change in cash | 2,576 | 1.1% | S100YHO8 |
| Cash and equivalents | 45,637 | 19.4% | S100YHO8 |

## 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 | 60,095 | 43,988 | 49,877 | 43,061 | 45,637 | S100TUGR, S100W1AR, S100YHO8 |
| Total assets | 210,201 | 216,728 | 233,233 | 258,276 | 256,538 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Net assets | 156,381 | 167,604 | 181,082 | 181,294 | 179,824 | S100TUGR, S100W1AR, S100YHO8 |
| Share capital | 7,544 | 7,544 | 7,544 | 7,544 | 7,544 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Property, plant and equipment | 19,920 | 24,446 | 25,418 | 29,270 | 32,250 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Intangible assets excluding goodwill | 3,737 | 4,221 | 4,852 | 27,653 | 27,222 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Goodwill | 794 | 1,044 | 893 | 12,938 | 12,581 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Investment securities | 6,225 | 6,713 | 7,283 | 4,117 | 4,272 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Current assets | 171,875 | 172,500 | 184,333 | 183,085 | 177,808 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Current liabilities | 50,804 | 46,568 | 49,901 | 72,296 | 49,428 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Trade payables | 24,045 | 22,940 | 20,143 | 19,786 | 20,083 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Short-term borrowings | 325 | 403 | 579 | 26,030 | 50 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Long-term borrowings | — | — | — | — | 22,388 | S100YHO8 |
| Total liabilities | 53,820 | 49,124 | 52,151 | 76,981 | 76,714 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Non-controlling interests | — | — | — | 1,742 | 100 | S100YHO8 |
| Equity attributable to owners of parent | 150,893 | 160,600 | 170,608 | 169,672 | 168,300 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Retained earnings | 142,224 | 152,525 | 163,578 | 166,171 | 175,451 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |
| Treasury stock | -9,331 | -9,155 | -10,233 | -13,707 | -18,633 | S100R8P1, S100TUGR, S100W1AR, S100YHO8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YHO8 |
| Property, plant and equipment | 13% | S100YHO8 |
| Intangibles and goodwill | 15% | S100YHO8 |
| Investment securities | 2% | S100YHO8 |
| Other assets | 52% | S100YHO8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YHO8 |
| Other liabilities | 22% | S100YHO8 |
| Equity | 70% | S100YHO8 |

### 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 | 210,201 | 216,728 | 233,233 | 258,276 | 256,538 |
| Equity | 156,381 | 167,604 | 181,082 | 181,294 | 179,824 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 60,095 | 43,988 | 49,877 | 43,061 | 45,637 |

## 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) | 13.7% | S100YHO8 |
| Fixed assets ÷ total assets | 12.6% | S100YHO8 |
| Goodwill ÷ parent equity | 7.5% | S100YHO8 |

Goodwill over 4 years: 794 → 12,581 JPY; total investing cash flow: -50,581 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) | 17.8% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.3% |
| Cash vs. profit gap | 6,542 JPY mn (of net income 45.1%) |
| Shareholder returns / net income | 81.6% |
| Shareholder returns / FCF | 89.8% |
| Shareholder payments — dividends / net income | 36.1% |
| Shareholder payments — dividends / FCF | 39.7% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 39.3% |

## 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 | 11.4% | 0.98× | 11.1% | 1.39× | 15.5% | S100R8P1 |
| 2023 | 8.3% | 0.97× | 8.0% | 1.37× | 11.0% | S100TUGR |
| 2024 | 7.7% | 0.99× | 7.6% | 1.36× | 10.3% | S100W1AR |
| 2025 | 6.3% | 0.92× | 5.7% | 1.44× | 8.3% | S100YHO8 |
| 2026 | 6.2% | 0.91× | 5.6% | 1.52× | 8.6% | S100YHO8 |

## 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 | 14.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 4.9% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８００５５（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.9% | 2026-03-31 |
| ジック プライベ－ト リミテッド シ－（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.8% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.7% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５１６６（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 全国共済農業協同組合連合会（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YHO8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHO8,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W1AR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1AR,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TUGR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUGR,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R8P1 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8P1,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OKXR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKXR,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LQD7 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQD7,, |

## 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).