# Nihon Suido Consultants Co., Ltd.: 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68期(2025/01/01－2025/12/31) (S100XTPW)
> Page: https://vizora.meequs.com/en/company/nihon-suido-consultants
> Retrieved: 2026-09-30T21:51:43.659Z

## Company

Nihon Suido Consultants, founded in 1959, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 737 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon Suido Consultants Co., Ltd. |
| Ticker | 261A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/261A.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目22番1号 |
| Representative (per filing) | 代表取締役社長 中西 新二 |
| Founded | May 1959 |
| Share capital | ¥100M |
| Employees (consolidated) | 737 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | December |
| Website | www.nissuicon.co.jp (https://www.nissuicon.co.jp/) |
| Corporate number | 3011101015783 |
| EDINET | E40019 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XTPW, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 35 |
| Profitability | 56.3 | 40 |
| Cash conversion | 75 | 38 |
| Efficiency | 61.3 | 40 |

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)

- Nihon Suido Consultants brought in ¥24.4B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit +9.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24413727000 → ¥1766380000
- Net income → operating cash flow: ¥1766380000 → ¥2616628000（difference ¥850248000）
- Main uses of operating cash flow: CapEx ¥379909000 / dividends ¥1186600000 / buybacks ¥413097000
- Change in cash: ¥-373701000
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 | ¥24.4B |  |
| Operating income | ¥2.38B | Margin 9.7% |
| Net income | ¥1.73B | Margin 7.1% |
| Free cash flow | ¥2.24B |  |
| Employees (consolidated) | 737 |  |
| EPS | ¥139.04 |  |
| Diluted EPS | ¥137.17 |  |
| Book value per share | ¥1163.84 |  |
| Equity ratio | 59.8% |  |
| Shares outstanding | 11,866,000 |  |
| Shareholders | 7,831 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 37.9% | Cash ÷ revenue 38.5% |
| Vs. industry median margin | +1 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 38% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21884075000 | ¥24413727000 | +11.6% |
| Operating income | ¥1867872000 | ¥2379974000 | +27.4% |
| Operating margin | 8.5% | 9.7% | +1.2 pp |
| Employees | 710 people | 737 people | +3.8% |
| Cash and equivalents | ¥9047049000 | ¥9401247000 | +3.9% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,414 | 100.0% | S100XTPW |
| Cost of revenue | 17,307 | 70.9% | S100XTPW |
| Gross profit | 7,107 | 29.1% | S100XTPW |
| SG&A | 4,727 | 19.4% | S100XTPW |
| Operating income | 2,380 | 9.7% | S100XTPW |
| Ordinary income | 2,507 | 10.3% | S100XTPW |
| Pretax income | 2,507 | 10.3% | S100XTPW |
| Income tax | 740 | 3.0% | S100XTPW |
| Net income | 1,766 | 7.2% | S100XTPW |
| Net income attributable to owners | 1,731 | 7.1% | S100XTPW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 19 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.1% → Operating margin 9.7% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.7%; Core profit growth: +9.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.50×
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 | 23,533 | 24,414 | 880 | +3.7% |
| Gross profit | 6,663 | 7,107 | 444 | +6.7% |
| Operating income | 2,177 | 2,380 | 203 | +9.3% |
| Net income attributable to owners | 1,492 | 1,731 | 239 | +16.0% |
| Operating cash flow | 1,502 | 2,617 | 1,114 | +74.2% |
| Free cash flow | 1,088 | 2,237 | 1,149 | +105.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 21,884 | 1,868 | 8.5% | 1,103 | -857 | -1,348 | S100VHWD |
| FY ending Dec 2024 | 23,533 | 2,177 | 9.2% | 1,492 | 1,502 | 1,088 | S100XTPW |
| FY ending Dec 2025 | 24,414 | 2,380 | 9.7% | 1,731 | 2,617 | 2,237 | S100XTPW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 710 | 715 | 737 |
| Average salary (parent company) | — | ¥8.3M | ¥8.8M |
| Average age (parent company) | — | 41.7 years | 41.7 years |
| Average tenure (parent company) | — | 13.6 years | 13.5 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +3.7%

## 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 | 2,617 | 10.7% | S100XTPW |
| Capital expenditure | 380 | 1.6% | S100XTPW |
| Free cash flow | 2,237 | 9.2% | 算出 |
| Investing cash flow | -1,207 | -4.9% | S100XTPW |
| Financing cash flow | -1,771 | -7.3% | S100XTPW |
| Dividends paid | 1,187 | 4.9% | S100XTPW |
| Share buyback | 413 | 1.7% | S100XTPW |
| Change in cash | -374 | -1.5% | S100XTPW |
| Cash and equivalents | 9,401 | 38.5% | S100XTPW |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,047 | 9,775 | 9,401 | S100XTPW |
| Total assets | 21,496 | 22,948 | 24,793 | S100VHWD, S100XTPW |
| Net assets | 13,249 | 14,329 | 14,964 | S100XTPW |
| Share capital | 100 | 100 | 100 | S100VHWD, S100XTPW |
| Property, plant and equipment | 1,384 | 1,584 | 1,670 | S100VHWD, S100XTPW |
| Intangible assets excluding goodwill | 246 | 302 | 275 | S100VHWD, S100XTPW |
| Investment securities | 782 | 598 | 649 | S100VHWD, S100XTPW |
| Current assets | 17,361 | 18,760 | 19,444 | S100VHWD, S100XTPW |
| Current liabilities | 6,686 | 7,507 | 8,640 | S100VHWD, S100XTPW |
| Total liabilities | 8,247 | 8,619 | 9,829 | S100VHWD, S100XTPW |
| Non-controlling interests | 66 | 110 | 144 | S100VHWD, S100XTPW |
| Equity attributable to owners of parent | 13,063 | 13,962 | 14,093 | S100VHWD, S100XTPW |
| Retained earnings | 12,955 | 13,853 | 14,398 | S100VHWD, S100XTPW |
| Treasury stock | — | — | -413 | S100XTPW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XTPW |
| Property, plant and equipment | 7% | S100XTPW |
| Intangibles and goodwill | 1% | S100XTPW |
| Investment securities | 2% | S100XTPW |
| Other assets | 52% | S100XTPW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100XTPW |
| Equity | 60% | S100XTPW |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 21,496 | 22,948 | 24,793 |
| Equity | 13,249 | 14,329 | 14,964 |
| Interest-bearing debt | — | — | — |
| Cash | 9,047 | 9,775 | 9,401 |

## 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) | 6.8% | S100XTPW |
| Fixed assets ÷ total assets | 6.7% | S100XTPW |
| Goodwill ÷ parent equity | — | —, S100XTPW |

### 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) | 37.9% |
| Cash ÷ revenue | 38.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.9% |
| Cash vs. profit gap | 886 JPY mn (of net income 51.2%) |
| Shareholder returns / net income | 92.4% |
| Shareholder returns / FCF | 71.5% |
| Shareholder payments — dividends / net income | 68.6% |
| Shareholder payments — dividends / FCF | 53.1% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 46.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.0% | 1.02× | 5.1% | 1.65× | 8.4% | S100VHWD |
| 2024 | 6.3% | 1.06× | 6.7% | 1.64× | 11.0% | S100XTPW |
| 2025 | 7.1% | 1.02× | 7.3% | 1.70× | 12.3% | S100XTPW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社クボタ | Major shareholder | 20.0% | 2025-12-31 |
| 公益財団法人水・地域イノベーション財団 | Major shareholder | 15.3% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 8.4% | 2025-12-31 |
| 株式会社栗本鐵工所 | Major shareholder | 6.5% | 2025-12-31 |
| 石垣メンテナンス株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-12-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社 代表取締役社長 奥田 健太郎） | Major shareholder | 2.9% | 2025-12-31 |
| 四戸 泉 | Major shareholder | 2.5% | 2025-12-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ 部長 角田 武士） | Major shareholder | 1.8% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/01/01－2025/12/31) | S100XTPW | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTPW,, |
| 有価証券報告書－第67期(2024/01/01－2024/12/31) | S100VHWD | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHWD,, |

## 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).