# NIKKATO CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第156期(2025/04/01－2026/03/31) (S100Y9NY)
> Page: https://vizora.meequs.com/en/company/nikkato
> Retrieved: 2026-09-30T17:58:17.598Z

## Company

Nikkato, founded in 1921, is a company in Glass & Ceramics listed on TSE Standard. It has 279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKATO CORPORATION |
| Ticker | 5367 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5367.T) |
| Listing | TSE Standard |
| Head office | 大阪府堺市堺区遠里小野町3丁2番24号 |
| Representative (per filing) | 代表取締役社長 大西宏司 |
| Founded | May 1921 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 279 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Corporate number | 8120101006505 |
| EDINET | E01188 |
| Industries (Vizora) | Glass & Ceramics, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y9NY, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.4 | 17 |
| Profitability | 38.2 | 17 |
| Cash conversion | 84.4 | 16 |
| Efficiency | 61.8 | 17 |

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 Nikkato's sales come from Ceramics, with Engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +67.9%.

## Company structure

- Segment revenue mix: Ceramics 72.4%、Engineering 27.6%
- Revenue → net income: ¥11340906000 → ¥775702000
- Net income → operating cash flow: ¥775702000 → ¥1675324000（difference ¥899622000）
- Main uses of operating cash flow: CapEx ¥555865000 / dividends ¥254403000 / buybacks ¥37000
- Change in cash: ¥495418000
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 | ¥11.3B |  |
| Operating income | ¥1.07B | Margin 9.4% |
| Net income | ¥775.7M | Margin 6.8% |
| Free cash flow | ¥1.12B |  |
| Largest business | Ceramics | of segment revenue 72.4% |
| Employees (consolidated) | 279 |  |
| EPS | ¥64.9 |  |
| Book value per share | ¥1182.49 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 12,135,000 |  |
| Treasury shares | 44,500 |  |
| Shareholders | 4,428 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 36.5% |
| Vs. industry median margin | -1.5 pp | Glass & Ceramics |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, employees -3% while operating income rose 68%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8654588000 | ¥11340906000 | +31.0% |
| Operating income | ¥363101000 | ¥1071164000 | +195.0% |
| Operating margin | 4.2% | 9.4% | +5.2 pp |
| Employees | 303 people | 279 people | -7.9% |
| Cash and equivalents | ¥2676471000 | ¥4137970000 | +54.6% |

### 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 |
| --- | ---: |
| セラミックス事業 → セラミックス事業 | 72.4% |
| セラミックス事業 → 事業再編・廃止 | 3.8% |
| エンジニアリング事業 → エンジニアリング事業 | 23.7% |
| 新設・再編 → エンジニアリング事業 | 3.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,341 | 100.0% | S100Y9NY |
| Cost of revenue | 8,767 | 77.3% | S100Y9NY |
| Gross profit | 2,574 | 22.7% | S100Y9NY |
| SG&A | 1,503 | 13.3% | S100Y9NY |
| Operating income | 1,071 | 9.4% | S100Y9NY |
| Ordinary income | 1,146 | 10.1% | S100Y9NY |
| Pretax income | 1,111 | 9.8% | S100Y9NY |
| Income tax | 335 | 3.0% | S100Y9NY |
| Net income | 776 | 6.8% | S100Y9NY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.7% → Operating margin 9.4% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +67.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.41×
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 | 10,077 | 11,341 | 1,264 | +12.5% |
| Gross profit | 2,022 | 2,574 | 552 | +27.3% |
| Operating income | 638 | 1,071 | 433 | +67.9% |
| Operating cash flow | 1,677 | 1,675 | -1 | -0.1% |
| Free cash flow | 750 | 1,119 | 369 | +49.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,330 | 666 | 7.1% | 441 | 776 | -1,305 | S100LIJL |
| FY ending Mar 2021 | 8,655 | 363 | 4.2% | 275 | 1,355 | 373 | S100PED7 |
| FY ending Mar 2022 | 9,979 | 972 | 9.7% | 672 | 1,640 | 1,022 | S100QXEE |
| FY ending Mar 2023 | 10,733 | 1,102 | 10.3% | 835 | 939 | 663 | S100TL7G |
| FY ending Mar 2024 | 10,239 | 918 | 9.0% | 702 | 785 | 387 | S100VWYM |
| FY ending Mar 2025 | 10,077 | 638 | 6.3% | 504 | 1,677 | 750 | S100Y9NY |
| FY ending Mar 2026 | 11,341 | 1,071 | 9.4% | 776 | 1,675 | 1,119 | S100Y9NY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.6M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 295 | 288 | 286 | 288 | 279 |
| Average salary (parent company) | ¥5.4M | ¥5.8M | ¥5.8M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 39.1 years | 40.1 years | 40.6 years | 41.2 years | 41.0 years |
| Average tenure (parent company) | 16.9 years | 17.9 years | 18.3 years | 18.8 years | 18.8 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +12.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ceramics | 8,215 | 72.4% | 834 | 10.2% |
| Engineering | 3,125 | 27.6% | 237 | 7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ceramics | 72.4% | 77.9% | 5.5 | 10.2% |
| Engineering | 27.6% | 22.1% | -5.5 | 7.6% |

Segment → industry: Ceramics → Glass & Ceramics / Engineering → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,675 | 14.8% | S100Y9NY |
| Capital expenditure | 556 | 4.9% | S100Y9NY |
| Free cash flow | 1,119 | 9.9% | 算出 |
| Investing cash flow | -710 | -6.3% | S100Y9NY |
| Financing cash flow | -470 | -4.1% | S100Y9NY |
| Dividends paid | 254 | 2.2% | S100Y9NY |
| Share buyback | 0 | 0.0% | S100Y9NY |
| Change in cash | 495 | 4.4% | S100Y9NY |
| Cash and equivalents | 4,138 | 36.5% | S100Y9NY |

## 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 | 3,358 | 3,508 | 3,385 | 3,643 | 4,138 | S100TL7G, S100VWYM, S100Y9NY |
| Total assets | 16,534 | 16,895 | 17,191 | 17,125 | 18,853 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Net assets | 11,786 | 12,394 | 13,073 | 13,113 | 14,137 | S100TL7G, S100VWYM, S100Y9NY |
| Share capital | 1,321 | 1,321 | 1,321 | 1,321 | 1,321 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Property, plant and equipment | 4,859 | 4,585 | 4,663 | 4,855 | 4,800 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Intangible assets excluding goodwill | 189 | 148 | 102 | 83 | 78 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Investment securities | 1,755 | 1,799 | 2,187 | 1,943 | 2,779 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Current assets | 9,607 | 10,254 | 10,083 | 10,092 | 10,999 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Current liabilities | 3,668 | 3,605 | 3,301 | 3,496 | 4,115 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Short-term borrowings | 400 | 400 | 400 | 400 | 400 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Long-term borrowings | 756 | 535 | 321 | 106 | — | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Total liabilities | 4,747 | 4,501 | 4,118 | 4,011 | 4,716 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Equity attributable to owners of parent | 11,259 | 11,832 | 12,245 | 12,478 | 13,005 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Retained earnings | 8,800 | 9,373 | 9,787 | 10,012 | 10,534 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |
| Treasury stock | -88 | -88 | -114 | -107 | -102 | S100QXEE, S100TL7G, S100VWYM, S100Y9NY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y9NY |
| Property, plant and equipment | 26% | S100Y9NY |
| Intangibles and goodwill | 0% | S100Y9NY |
| Investment securities | 15% | S100Y9NY |
| Other assets | 37% | S100Y9NY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100Y9NY |
| Equity | 75% | S100Y9NY |
| Other liabilities | 0% | S100Y9NY |

### 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 | 16,534 | 16,895 | 17,191 | 17,125 | 18,853 |
| Equity | 11,786 | 12,394 | 13,073 | 13,113 | 14,137 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,358 | 3,508 | 3,385 | 3,643 | 4,138 |

## 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) | 42.3% | S100Y9NY |
| Fixed assets ÷ total assets | 25.5% | S100Y9NY |
| Goodwill ÷ parent equity | — | —, S100Y9NY |

### 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) | 21.9% |
| Cash ÷ revenue | 36.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.4% |
| Cash vs. profit gap | 900 JPY mn (of net income 116.0%) |
| Shareholder returns / net income | 32.8% |
| Shareholder returns / FCF | 22.7% |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 22.7% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 42.4% |

## 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 | 6.7% | 0.60× | 4.1% | 1.47× | 6.0% | S100QXEE |
| 2023 | 7.8% | 0.64× | 5.0% | 1.45× | 7.2% | S100TL7G |
| 2024 | 6.9% | 0.60× | 4.1% | 1.42× | 5.8% | S100VWYM |
| 2025 | 5.0% | 0.59× | 2.9% | 1.39× | 4.1% | S100Y9NY |
| 2026 | 6.8% | 0.63× | 4.3% | 1.41× | 6.1% | S100Y9NY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ニッカトー取引先持株会 | Major shareholder | 7.3% | 2026-03-31 |
| 東ソー株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社チノー | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| ニッカトー従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社共和電業 | Major shareholder | 3.3% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 美濃窯業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 西 村 隆 | Major shareholder | 2.4% | 2026-03-31 |
| DEUTSCHE BANK AG, SINGAPORE A/C CLIENTS (TREATY) 4600601（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第156期(2025/04/01－2026/03/31) | S100Y9NY | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9NY,, |
| 有価証券報告書－第155期(2024/04/01－2025/03/31) | S100VWYM | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWYM,, |
| 有価証券報告書－第154期(2023/04/01－2024/03/31) | S100TL7G | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TL7G,, |
| 有価証券報告書－第153期(2022/04/01－2023/03/31) | S100QXEE | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXEE,, |
| 訂正有価証券報告書－第152期(令和3年4月1日－令和4年3月31日) | S100PED7 | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PED7,, |
| 有価証券報告書－第151期(令和2年4月1日－令和3年3月31日) | S100LIJL | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIJL,, |

## 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).