# NIKKEN KOGAKU 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63期(2025/04/01－2026/03/31) (S100YJLW)
> Page: https://vizora.meequs.com/en/company/nikken-kogaku
> Retrieved: 2026-09-30T20:31:36.557Z

## Company

Nikken Kogaku, founded in 1964, is a company in Cement & Concrete listed on TSE Standard. It has 132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKEN KOGAKU CO., LTD. |
| Ticker | 9767 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9767.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 皆川 曜児 |
| Founded | Mar 1964 |
| Share capital | ¥1B |
| Employees (consolidated) | 132 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | nikken-kogaku.co.jp (https://nikken-kogaku.co.jp/) |
| Corporate number | 1011101015686 |
| EDINET | E00187 |
| Industries (Vizora) | Cement & Concrete, Leasing |

> Profile source: annual securities report (S100YJLW, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.1 | 16 |
| Profitability | 21.9 | 16 |
| Cash conversion | 34.4 | 16 |
| Efficiency | 78.1 | 16 |

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 75% of Nikken Kogaku's sales come from Sales on product, with Sales on lease business of metal form making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +12.6% from the prior year, operating profit +3.1%.

## Company structure

- Segment revenue mix: Sales on product 75.4%、Sales on lease business of metal form 24.6%
- Revenue → net income: ¥6211443000 → ¥284550000
- Net income → operating cash flow: ¥284550000 → ¥227785000（difference ¥-56765000）
- Main uses of operating cash flow: CapEx ¥143102000 / dividends ¥55342000 / buybacks ¥591000
- Change in cash: ¥-185640000
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 | ¥6.21B |  |
| Operating income | ¥353.8M | Margin 5.7% |
| Net income | ¥281M | Margin 4.5% |
| Free cash flow | ¥84.7M |  |
| Largest business | Sales on product | of segment revenue 75.4% |
| Employees (consolidated) | 132 |  |
| EPS | ¥111.31 |  |
| Book value per share | ¥2162.4 |  |
| Equity ratio | 77.5% |  |
| Shares outstanding | 1,862,000 |  |
| Treasury shares | 1,200 |  |
| Shareholders | 1,235 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 40.1% | Cash ÷ revenue 41.1% |
| Vs. industry median margin | -2.5 pp | Cement & Concrete |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, cash is 40% of total assets
- FY2026, employees -3% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10592015000 | ¥6211443000 | -41.4% |
| Operating income | ¥1223056000 | ¥353765000 | -71.1% |
| Operating margin | 11.5% | 5.7% | -5.9 pp |
| Employees | 149 people | 132 people | -11.4% |
| Cash and equivalents | ¥2522372000 | ¥2549864000 | +1.1% |

### 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 |
| --- | ---: |
| 型枠貸与事業 → 型枠貸与事業 | 15.0% |
| 製品販売事業 → 製品販売事業 | 42.5% |
| 資材・製品販売事業 → 事業再編・廃止 | 42.5% |
| 新設・再編 → 型枠貸与事業 | 9.6% |
| 新設・再編 → 製品販売事業 | 32.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,211 | 100.0% | S100YJLW |
| Cost of revenue | 4,430 | 71.3% | S100YJLW |
| Gross profit | 1,781 | 28.7% | S100YJLW |
| SG&A | 1,428 | 23.0% | S100YJLW |
| Operating income | 354 | 5.7% | S100YJLW |
| Ordinary income | 438 | 7.0% | S100YJLW |
| Pretax income | 437 | 7.0% | S100YJLW |
| Income tax | 152 | 2.4% | S100YJLW |
| Net income | 285 | 4.6% | S100YJLW |
| Net income attributable to owners | 281 | 4.5% | S100YJLW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.7% → Operating margin 5.7% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.6%; Core profit growth: +3.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.24×
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 | 5,516 | 6,211 | 696 | +12.6% |
| Gross profit | 1,701 | 1,781 | 80 | +4.7% |
| Operating income | 343 | 354 | 11 | +3.1% |
| Net income attributable to owners | 284 | 281 | -2 | -0.9% |
| Operating cash flow | 95 | 228 | 133 | +140.3% |
| Free cash flow | 36 | 85 | 49 | +135.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,085 | 71 | 0.9% | 79 | 431 | 359 | S100LRT1 |
| FY ending Mar 2021 | 10,592 | 1,223 | 11.5% | 1,014 | 2,097 | 1,825 | S100PVM0 |
| FY ending Mar 2022 | 8,317 | 803 | 9.6% | 662 | 795 | 685 | S100R5LB |
| FY ending Mar 2023 | 6,250 | 350 | 5.6% | 281 | 633 | 423 | S100TTIH |
| FY ending Mar 2024 | 6,193 | 293 | 4.7% | 285 | 659 | 527 | S100W3F4 |
| FY ending Mar 2025 | 5,516 | 343 | 6.2% | 284 | 95 | 36 | S100YJLW |
| FY ending Mar 2026 | 6,211 | 354 | 5.7% | 281 | 228 | 85 | S100YJLW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.1M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 145 | 140 | 147 | 136 | 132 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.1M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 52.3 years | 52.8 years | 52.7 years | 52.9 years | 54.2 years |
| Average tenure (parent company) | 15.2 years | 15.4 years | 15.4 years | 15.5 years | 16.8 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +12.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales on lease business of metal form | 1,527 | 24.6% | 59 | 3.9% |
| Sales on product | 4,684 | 75.4% | 294 | 6.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales on lease business of metal form | 24.6% | 16.8% | -7.8 | 3.9% |
| Sales on product | 75.4% | 83.2% | 7.8 | 6.3% |

Segment → industry: Sales on product → Cement & Concrete / Sales on lease business of metal form → Leasing

## 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 | 228 | 3.7% | S100YJLW |
| Capital expenditure | 143 | 2.3% | S100YJLW |
| Free cash flow | 85 | 1.4% | 算出 |
| Investing cash flow | -204 | -3.3% | S100YJLW |
| Financing cash flow | -209 | -3.4% | S100YJLW |
| Dividends paid | 55 | 0.9% | S100YJLW |
| Share buyback | 1 | 0.0% | S100YJLW |
| Change in cash | -186 | -3.0% | S100YJLW |
| Cash and equivalents | 2,550 | 41.1% | S100YJLW |

## 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 | 2,721 | 2,876 | 2,935 | 2,736 | 2,550 | S100TTIH, S100W3F4, S100YJLW |
| Total assets | 7,304 | 6,927 | 7,199 | 6,534 | 6,358 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Net assets | 3,822 | 4,076 | 4,397 | 4,600 | 4,938 | S100TTIH, S100W3F4, S100YJLW |
| Share capital | 1,004 | 1,004 | 1,004 | 1,004 | 1,004 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Trade receivables | 2,432 | 1,802 | 1,661 | 1,295 | 868 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Property, plant and equipment | 463 | 419 | 270 | 248 | 278 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Intangible assets excluding goodwill | 17 | 20 | 18 | 15 | 15 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Investment securities | 703 | 781 | 998 | 980 | 1,191 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Current assets | 5,765 | 5,233 | 5,329 | 4,732 | 4,296 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Current liabilities | 2,789 | 2,105 | 2,261 | 1,561 | 1,039 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Trade payables | 2,142 | 1,406 | 1,666 | 966 | 536 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Short-term borrowings | 25 | — | — | — | — | S100R5LB |
| Long-term borrowings | 321 | 395 | 219 | 93 | 18 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Total liabilities | 3,482 | 2,851 | 2,801 | 1,934 | 1,421 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Non-controlling interests | — | — | 0 | 7 | 10 | S100W3F4, S100YJLW |
| Equity attributable to owners of parent | 3,700 | 3,926 | 4,155 | 4,382 | 4,607 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Retained earnings | 2,220 | 2,446 | 2,674 | 2,902 | 3,127 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |
| Treasury stock | -66 | -67 | -65 | -66 | -66 | S100R5LB, S100TTIH, S100W3F4, S100YJLW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YJLW |
| Receivables | 14% | S100YJLW |
| Property, plant and equipment | 4% | S100YJLW |
| Intangibles and goodwill | 0% | S100YJLW |
| Investment securities | 19% | S100YJLW |
| Other assets | 23% | S100YJLW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJLW |
| Other liabilities | 14% | S100YJLW |
| Equity | 78% | S100YJLW |
| Other liabilities | 0% | S100YJLW |

### 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 | 7,304 | 6,927 | 7,199 | 6,534 | 6,358 |
| Equity | 3,822 | 4,076 | 4,397 | 4,600 | 4,938 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,721 | 2,876 | 2,935 | 2,736 | 2,550 |

## 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) | 4.5% | S100YJLW |
| Fixed assets ÷ total assets | 4.4% | S100YJLW |
| Goodwill ÷ parent equity | — | —, S100YJLW |

### 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) | 40.1% |
| Cash ÷ revenue | 41.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.4% |
| Cash vs. profit gap | -53 JPY mn (of net income -18.9%) |
| Shareholder returns / net income | 19.9% |
| Shareholder returns / FCF | 66.0% |
| Shareholder payments — dividends / net income | 19.7% |
| Shareholder payments — dividends / FCF | 65.4% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 89.6% |

## 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 | 8.0% | 1.14× | 9.1% | 1.97× | 17.9% | S100R5LB |
| 2023 | 4.5% | 0.88× | 3.9% | 1.87× | 7.4% | S100TTIH |
| 2024 | 4.6% | 0.88× | 4.0% | 1.75× | 7.0% | S100W3F4 |
| 2025 | 5.1% | 0.80× | 4.1% | 1.61× | 6.6% | S100YJLW |
| 2026 | 4.5% | 0.96× | 4.4% | 1.43× | 6.3% | S100YJLW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 技研ホールディングス株式会社 | Major shareholder | 16.8% | 2026-03-31 |
| 菊池 恵理香 | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社ナガワ | Major shareholder | 5.9% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| トリリオン投資事業有限責任組合 無限責任組合員株式会社フエル | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 日本国土開発株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 日本生命保険相互会社 （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 | 3.1% | 2026-03-31 |
| 今井 正利 | Major shareholder | 3.0% | 2026-03-31 |
| フリージア・マクロス株式会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YJLW | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJLW,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W3F4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3F4,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TTIH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTIH,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R5LB | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5LB,, |
| 訂正有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100PVM0 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVM0,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LRT1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRT1,, |

## 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).