# Nihon Tokushu Toryo 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120期(2025/04/01－2026/03/31) (S100YDP5)
> Page: https://vizora.meequs.com/en/company/nihon-tokushu-toryo
> Retrieved: 2026-09-30T20:33:43.390Z

## Company

Nihon Tokushu Toryo, founded in 1929, is a company in Auto Parts listed on TSE Standard. It has 1,079 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon Tokushu Toryo Co., Ltd. |
| Ticker | 4619 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4619.T) |
| Listing | TSE Standard |
| Head office | 東京都北区王子三丁目23番2号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 遠田 比呂志 |
| Founded | Jun 1929 |
| Share capital | ¥4.75B |
| Employees (consolidated) | 1,079 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.nttoryo.co.jp (https://www.nttoryo.co.jp/) |
| Corporate number | 1011501003539 |
| EDINET | E00900 |
| Industries (Vizora) | Auto Parts, Paints & Inks |

> Profile source: annual securities report (S100YDP5, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.5 | 110 |
| Profitability | 70.7 | 111 |
| Cash conversion | 40.3 | 108 |
| Efficiency | 16.7 | 111 |

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 69% of Nihon Tokushu Toryo's sales come from Automobile products related, with Paint coating related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -6.3% from the prior year, operating profit -10.1%.

## Company structure

- Segment revenue mix: Automobile products related 68.8%、Paint coating related 31.2%、Other 0.0%
- Revenue → net income: ¥61889000000 → ¥5790000000
- Net income → operating cash flow: ¥5790000000 → ¥6419000000（difference ¥629000000）
- Main uses of operating cash flow: CapEx ¥2566000000 / dividends ¥2568000000 / buybacks ¥1451000000
- Change in cash: ¥-3437000000
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 | ¥61.9B |  |
| Operating income | ¥4B | Margin 6.5% |
| Net income | ¥5.24B | Margin 8.5% |
| Free cash flow | ¥3.85B |  |
| Largest business | Automobile products related | of segment revenue 68.8% |
| Employees (consolidated) | 1,079 |  |
| EPS | ¥254.82 |  |
| Book value per share | ¥1990.86 |  |
| Equity ratio | 70.5% |  |
| Shares outstanding | 23,611,200 |  |
| Treasury shares | 2,296,900 |  |
| Shareholders | 13,671 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 20.3% |
| Vs. industry median margin | +1.7 pp | Auto Parts |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48004000000 | ¥61889000000 | +28.9% |
| Operating income | ¥858000000 | ¥4004000000 | +366.7% |
| Operating margin | 1.8% | 6.5% | +4.7 pp |
| Employees | 1,287 people | 1,079 people | -16.2% |
| Cash and equivalents | ¥6518000000 | ¥12586000000 | +93.1% |

### 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 |
| --- | ---: |
| 塗料関連 → 塗料関連 | 30.9% |
| 自動車製品関連 → 自動車製品関連 | 68.8% |
| 自動車製品関連 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 塗料関連 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile products related | 5 years | +5.1% | ¥42561000000 | 8.1% | 2 |
| Paint coating related | 5 years | +5.4% | ¥19311000000 | 2.9% | 2 |
| Other | 5 years | +1.3% | ¥16000000 | 56.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,889 | 100.0% | S100YDP5 |
| Cost of revenue | 47,295 | 76.4% | S100YDP5 |
| Gross profit | 14,593 | 23.6% | S100YDP5 |
| SG&A | 10,588 | 17.1% | S100YDP5 |
| Operating income | 4,004 | 6.5% | S100YDP5 |
| Ordinary income | 6,834 | 11.0% | S100YDP5 |
| Pretax income | 7,360 | 11.9% | S100YDP5 |
| Income tax | 1,569 | 2.5% | S100YDP5 |
| Net income | 5,790 | 9.4% | S100YDP5 |
| Net income attributable to owners | 5,244 | 8.5% | S100YDP5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 17 |
| Operating income | 7 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.6% → Operating margin 6.5% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.3%; Core profit growth: -10.1%
Operating leverage (core profit growth ÷ revenue growth): 1.61×
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 | 66,060 | 61,889 | -4,171 | -6.3% |
| Gross profit | 14,473 | 14,593 | 120 | +0.8% |
| Operating income | 4,456 | 4,004 | -452 | -10.1% |
| Net income attributable to owners | 4,942 | 5,244 | 302 | +6.1% |
| Operating cash flow | 3,119 | 6,419 | 3,300 | +105.8% |
| Free cash flow | 1,719 | 3,853 | 2,134 | +124.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,191 | 2,827 | 4.9% | 2,318 | 7,188 | 2,503 | S100LOBZ |
| FY ending Mar 2021 | 48,004 | 858 | 1.8% | 1,301 | 3,085 | -2,070 | S100OAF8 |
| FY ending Mar 2022 | 54,779 | 1,482 | 2.7% | 1,300 | 5,019 | 2,779 | S100R0MO |
| FY ending Mar 2023 | 60,738 | 1,631 | 2.7% | 2,103 | 6,198 | 3,912 | S100TNY6 |
| FY ending Mar 2024 | 64,693 | 3,905 | 6.0% | 3,947 | 9,317 | 8,073 | S100VZSL |
| FY ending Mar 2025 | 66,060 | 4,456 | 6.7% | 4,942 | 3,119 | 1,719 | S100YDP5 |
| FY ending Mar 2026 | 61,889 | 4,004 | 6.5% | 5,244 | 6,419 | 3,853 | S100YDP5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.4M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 1,299 | 1,255 | 1,185 | 1,131 | 1,079 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥6.4M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 40.5 years | 40.3 years | 40.4 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 16.3 years | 15.7 years | 15.5 years | 15.6 years | 14.9 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) -6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paint coating related | 19,311 | 31.2% | 566 | 2.9% |
| Automobile products related | 42,561 | 68.8% | 3,429 | 8.1% |
| Other | 16 | 0.0% | 9 | 56.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paint coating related | 31.2% | 14.1% | -17.1 | 2.9% |
| Automobile products related | 68.8% | 85.6% | 16.9 | 8.1% |
| Other | 0.0% | 0.2% | 0.2 | 56.3% |

Segment → industry: Automobile products related → Auto Parts / Paint coating related → Paints & Inks

## 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 | 6,419 | 10.4% | S100YDP5 |
| Capital expenditure | 2,566 | 4.1% | S100YDP5 |
| Free cash flow | 3,853 | 6.2% | 算出 |
| Investing cash flow | -5,191 | -8.4% | S100YDP5 |
| Financing cash flow | -4,770 | -7.7% | S100YDP5 |
| Dividends paid | 2,568 | 4.1% | S100YDP5 |
| Share buyback | 1,451 | 2.3% | S100YDP5 |
| Change in cash | -3,437 | -5.6% | S100YDP5 |
| Cash and equivalents | 12,586 | 20.3% | S100YDP5 |

## 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 | 8,931 | 10,853 | 15,876 | 16,024 | 12,586 | S100TNY6, S100VZSL, S100YDP5 |
| Total assets | 79,792 | 82,033 | 87,456 | 85,243 | 85,375 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Net assets | 49,725 | 52,211 | 59,565 | 64,114 | 67,023 | S100TNY6, S100VZSL, S100YDP5 |
| Share capital | 4,753 | 4,753 | 4,753 | 4,753 | 4,753 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Property, plant and equipment | 25,071 | 24,299 | 22,422 | 21,399 | 21,383 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Intangible assets excluding goodwill | 1,265 | 1,247 | 1,236 | 1,292 | 1,215 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Investment securities | 18,255 | 18,423 | 23,167 | 22,055 | 23,309 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Current assets | 31,857 | 36,013 | 38,555 | 38,327 | 37,410 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Current liabilities | 22,273 | 23,595 | 21,405 | 16,122 | 13,898 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Trade payables | 8,649 | 9,882 | 9,896 | 7,877 | 5,866 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Short-term borrowings | 5,617 | 5,314 | 2,794 | 2,706 | 2,353 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Long-term borrowings | 3,209 | 2,045 | 1,151 | 804 | 451 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Total liabilities | 30,066 | 29,822 | 27,890 | 21,129 | 18,352 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Non-controlling interests | 5,458 | 6,017 | 6,168 | 6,656 | 6,791 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Equity attributable to owners of parent | 38,383 | 39,592 | 42,608 | 46,531 | 48,422 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Retained earnings | 30,547 | 31,734 | 34,742 | 38,658 | 41,557 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |
| Treasury stock | -1,112 | -1,102 | -1,099 | -1,097 | -2,398 | S100R0MO, S100TNY6, S100VZSL, S100YDP5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YDP5 |
| Property, plant and equipment | 25% | S100YDP5 |
| Intangibles and goodwill | 1% | S100YDP5 |
| Investment securities | 27% | S100YDP5 |
| Other assets | 32% | S100YDP5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YDP5 |
| Other liabilities | 15% | S100YDP5 |
| Equity | 78% | S100YDP5 |

### 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 | 79,792 | 82,033 | 87,456 | 85,243 | 85,375 |
| Equity | 49,725 | 52,211 | 59,565 | 64,114 | 67,023 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,931 | 10,853 | 15,876 | 16,024 | 12,586 |

## 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) | 34.6% | S100YDP5 |
| Fixed assets ÷ total assets | 25.0% | S100YDP5 |
| Goodwill ÷ parent equity | — | —, S100YDP5 |

### 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) | 14.7% |
| Cash ÷ revenue | 20.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.3% |
| Cash vs. profit gap | 1,175 JPY mn (of net income 22.4%) |
| Shareholder returns / net income | 76.6% |
| Shareholder returns / FCF | 104.3% |
| Shareholder payments — dividends / net income | 49.0% |
| Shareholder payments — dividends / FCF | 66.6% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 80.9% |

## 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 | 2.4% | 0.69× | 1.6% | 2.08× | 3.4% | S100R0MO |
| 2023 | 3.5% | 0.75× | 2.6% | 2.08× | 5.4% | S100TNY6 |
| 2024 | 6.1% | 0.76× | 4.7% | 2.06× | 9.6% | S100VZSL |
| 2025 | 7.5% | 0.77× | 5.7% | 1.94× | 11.1% | S100YDP5 |
| 2026 | 8.5% | 0.73× | 6.1% | 1.80× | 11.0% | S100YDP5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| AUTONEUM HOLDING AG（常任代理人 東海東京証券株式会社） | Major shareholder | 14.4% | 2026-03-31 |
| 関西ペイント株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社中外 | Major shareholder | 3.4% | 2026-03-31 |
| ニットク親和会 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ヒロタニ | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 交洋貿易株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YDP5 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDP5,, |
| 有価証券報告書－第119期(2024/04/01－2025/03/31) | S100VZSL | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZSL,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TNY6 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNY6,, |
| 有価証券報告書－第117期(2022/04/01－2023/03/31) | S100R0MO | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0MO,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100OAF8 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAF8,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LOBZ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOBZ,, |

## 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).