# NIHON SEIKO 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131期(2025/04/01－2026/03/31) (S100YIW1)
> Page: https://vizora.meequs.com/en/company/nihon-seiko
> Retrieved: 2026-09-30T17:49:32.382Z

## Company

Nihon Seiko, founded in 1935, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 263 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON SEIKO CO.,LTD. |
| Ticker | 5729 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5729.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区下宮比町3番2号 |
| Representative (per filing) | 代表取締役社長 植田 憲高 |
| Founded | Jun 1935 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 263 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.nihonseiko.co.jp (https://www.nihonseiko.co.jp/) |
| Corporate number | 2011101016386 |
| EDINET | E00026 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Chemicals |

> Profile source: annual securities report (S100YIW1, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94 | 25 |
| Profitability | 90.4 | 26 |
| Cash conversion | 78 | 25 |
| Efficiency | 90.7 | 27 |

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 Seiko's sales come from Antimony products, with Atomized metal powders and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +62.3% from the prior year, operating profit +69.0%.

## Company structure

- Segment revenue mix: Antimony products 71.9%、Atomized metal powders 28.0%、Other 0.1%
- Revenue → net income: ¥40866654000 → ¥4214750000
- Net income → operating cash flow: ¥4214750000 → ¥7619449000（difference ¥3404699000）
- Main uses of operating cash flow: CapEx ¥1047296000 / dividends ¥759274000 / buybacks ¥3132000
- Change in cash: ¥4553799000
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 | ¥40.9B |  |
| Operating income | ¥6.08B | Margin 14.9% |
| Net income | ¥4.21B | Margin 10.3% |
| Free cash flow | ¥6.57B |  |
| Largest business | Antimony products | of segment revenue 71.9% |
| Employees (consolidated) | 263 |  |
| EPS | ¥391.85 |  |
| Book value per share | ¥1038.86 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 2,605,900 |  |
| Treasury shares | 155,100 |  |
| Shareholders | 1,729 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 27.0% | Cash ÷ revenue 16.4% |
| Vs. industry median margin | +9.3 pp | Non-ferrous Metals & Wires |
| ROE | 31.0% | Derived from disclosed figures |
| ROA | 18.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, parent-company salary changed +56% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11247358000 | ¥40866654000 | +263.3% |
| Operating income | ¥1194816000 | ¥6080784000 | +408.9% |
| Operating margin | 10.6% | 14.9% | +4.3 pp |
| Employees | 226 people | 263 people | +16.4% |
| Cash and equivalents | ¥3500628000 | ¥6682480000 | +90.9% |

### 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 |
| --- | ---: |
| アンチモン事業 → アンチモン事業 | 41.1% |
| 金属粉末事業 → 金属粉末事業 | 28.0% |
| 金属粉末事業 → 事業再編・廃止 | 30.7% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アンチモン事業 | 30.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Antimony products | 5 years | +44.8% | ¥29373076000 | 18.4% | 2 |
| Atomized metal powders | 5 years | +11.6% | ¥11453355000 | 5.7% | 2 |
| Other | 5 years | +12.6% | ¥40222000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,867 | 100.0% | S100YIW1 |
| Cost of revenue | 33,155 | 81.1% | S100YIW1 |
| Gross profit | 7,711 | 18.9% | S100YIW1 |
| SG&A | 1,631 | 4.0% | S100YIW1 |
| Operating income | 6,081 | 14.9% | S100YIW1 |
| Ordinary income | 6,025 | 14.7% | S100YIW1 |
| Pretax income | 6,021 | 14.7% | S100YIW1 |
| Income tax | 1,806 | 4.4% | S100YIW1 |
| Net income | 4,215 | 10.3% | S100YIW1 |
| Net income attributable to owners | 4,215 | 10.3% | S100YIW1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 4 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 18.9% → Operating margin 14.9% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +62.3%; Core profit growth: +69.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.11×
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 | 25,180 | 40,867 | 15,687 | +62.3% |
| Gross profit | 4,952 | 7,711 | 2,759 | +55.7% |
| Operating income | 3,598 | 6,081 | 2,483 | +69.0% |
| Net income attributable to owners | 2,456 | 4,215 | 1,759 | +71.6% |
| Operating cash flow | -919 | 7,619 | 8,539 | — |
| Free cash flow | -1,551 | 6,572 | 8,123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,914 | 448 | 4.1% | 286 | 1,452 | 797 | S100LVO3 |
| FY ending Mar 2021 | 11,247 | 1,195 | 10.6% | 814 | 1,395 | 899 | S100OM4G |
| FY ending Mar 2022 | 17,098 | 2,192 | 12.8% | 1,541 | 386 | -259 | S100RALA |
| FY ending Mar 2023 | 15,923 | 803 | 5.0% | 482 | 185 | -555 | S100TXI8 |
| FY ending Mar 2024 | 15,589 | 674 | 4.3% | 503 | 1,547 | -5 | S100W4E9 |
| FY ending Mar 2025 | 25,180 | 3,598 | 14.3% | 2,456 | -919 | -1,551 | S100YIW1 |
| FY ending Mar 2026 | 40,867 | 6,081 | 14.9% | 4,215 | 7,619 | 6,572 | S100YIW1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155.4M |
| Operating income per employee (consolidated) | ¥23.1M |
| Net income per employee (consolidated) | ¥16M |

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) | 234 | 245 | 250 | 261 | 263 |
| Average salary (parent company) | ¥5.1M | ¥6.1M | ¥6.1M | ¥5.7M | ¥7.9M |
| Average age (parent company) | 45.6 years | 45.3 years | 44.7 years | 44.9 years | 44.5 years |
| Average tenure (parent company) | 19.5 years | 18.5 years | 17.4 years | 17.8 years | 16.8 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +62.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Antimony products | 29,373 | 71.9% | 5,392 | 18.4% |
| Atomized metal powders | 11,453 | 28.0% | 654 | 5.7% |
| Other | 40 | 0.1% | 2 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Antimony products | 71.9% | 89.2% | 17.3 | 18.4% |
| Atomized metal powders | 28.0% | 10.8% | -17.2 | 5.7% |
| Other | 0.1% | 0.0% | -0.1 | 5.2% |

Segment → industry: Atomized metal powders → Non-ferrous Metals & Wires / Antimony products → Non-ferrous Metals & Wires / Antimony products → Chemicals

## 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 | 7,619 | 18.6% | S100YIW1 |
| Capital expenditure | 1,047 | 2.6% | S100YIW1 |
| Free cash flow | 6,572 | 16.1% | 算出 |
| Investing cash flow | -1,053 | -2.6% | S100YIW1 |
| Financing cash flow | -2,017 | -4.9% | S100YIW1 |
| Dividends paid | 759 | 1.9% | S100YIW1 |
| Share buyback | 3 | 0.0% | S100YIW1 |
| Change in cash | 4,554 | 11.1% | S100YIW1 |
| Cash and equivalents | 6,682 | 16.4% | S100YIW1 |

## 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 | 3,086 | 2,276 | 3,023 | 2,129 | 6,682 | S100TXI8, S100W4E9, S100YIW1 |
| Total assets | 14,840 | 13,954 | 15,874 | 20,938 | 24,730 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Net assets | 9,299 | 9,409 | 9,701 | 11,933 | 15,447 | S100TXI8, S100W4E9, S100YIW1 |
| Share capital | 1,018 | 1,018 | 1,018 | 1,018 | 1,018 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Trade receivables | 2,756 | 2,539 | 2,867 | 5,109 | 3,336 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Property, plant and equipment | 4,469 | 4,562 | 5,567 | 5,281 | 5,673 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Intangible assets excluding goodwill | 111 | 150 | 154 | 136 | 117 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Investment securities | 147 | 134 | 167 | 173 | 230 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Current assets | 9,794 | 8,829 | 9,706 | 14,973 | 18,325 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Current liabilities | 4,511 | 3,467 | 4,230 | 7,542 | 7,357 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Trade payables | 1,535 | 955 | 1,316 | 2,388 | 1,723 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Short-term borrowings | 1,343 | 1,445 | 1,579 | 2,965 | 1,243 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Long-term borrowings | 250 | 288 | 1,192 | 726 | 1,223 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Total liabilities | 5,541 | 4,545 | 6,173 | 9,005 | 9,283 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Equity attributable to owners of parent | 9,255 | 9,371 | 9,637 | 11,861 | 15,334 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Retained earnings | 7,826 | 7,942 | 8,201 | 10,412 | 13,868 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |
| Treasury stock | -154 | -154 | -152 | -150 | -149 | S100RALA, S100TXI8, S100W4E9, S100YIW1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YIW1 |
| Receivables | 14% | S100YIW1 |
| Property, plant and equipment | 23% | S100YIW1 |
| Intangibles and goodwill | 0% | S100YIW1 |
| Investment securities | 1% | S100YIW1 |
| Other assets | 35% | S100YIW1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIW1 |
| Other liabilities | 31% | S100YIW1 |
| Equity | 62% | S100YIW1 |
| Other liabilities | 0% | S100YIW1 |

### 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 | 14,840 | 13,954 | 15,874 | 20,938 | 24,730 |
| Equity | 9,299 | 9,409 | 9,701 | 11,933 | 15,447 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,086 | 2,276 | 3,023 | 2,129 | 6,682 |

## 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) | 13.9% | S100YIW1 |
| Fixed assets ÷ total assets | 22.9% | S100YIW1 |
| Goodwill ÷ parent equity | — | —, S100YIW1 |

### 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) | 27.0% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.3% |
| Cash vs. profit gap | 3,405 JPY mn (of net income 80.8%) |
| Shareholder returns / net income | 18.1% |
| Shareholder returns / FCF | 11.6% |
| Shareholder payments — dividends / net income | 18.0% |
| Shareholder payments — dividends / FCF | 11.6% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 13.8% |

## 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 | 9.0% | 1.15× | 10.4% | 1.60× | 16.7% | S100RALA |
| 2023 | 3.0% | 1.11× | 3.3% | 1.55× | 5.2% | S100TXI8 |
| 2024 | 3.2% | 1.05× | 3.4% | 1.57× | 5.3% | S100W4E9 |
| 2025 | 9.8% | 1.37× | 13.3% | 1.71× | 22.8% | S100YIW1 |
| 2026 | 10.3% | 1.79× | 18.5% | 1.68× | 31.0% | S100YIW1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福田金属箔粉工業株式会社 | Major shareholder | 18.0% | 2026-03-31 |
| 株式会社三光 | Major shareholder | 9.9% | 2026-03-31 |
| 株式会社川嶋 | Major shareholder | 9.9% | 2026-03-31 |
| 株式会社三興企画 | Major shareholder | 9.9% | 2026-03-31 |
| 富士興産株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 太陽鉱工株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 親和物産株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 有限会社アルメルト | Major shareholder | 1.3% | 2026-03-31 |
| 日本坩堝株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第131期(2025/04/01－2026/03/31) | S100YIW1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIW1,, |
| 有価証券報告書－第130期(2024/04/01－2025/03/31) | S100W4E9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4E9,, |
| 有価証券報告書－第129期(2023/04/01－2024/03/31) | S100TXI8 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXI8,, |
| 有価証券報告書－第128期(2022/04/01－2023/03/31) | S100RALA | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RALA,, |
| 有価証券報告書－第127期(令和3年4月1日－令和4年3月31日) | S100OM4G | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM4G,, |
| 有価証券報告書－第126期(令和2年4月1日－令和3年3月31日) | S100LVO3 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVO3,, |

## 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).