# nikki 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135期(2025/04/01－2026/03/31) (S100YKJL)
> Page: https://vizora.meequs.com/en/company/nikki
> Retrieved: 2026-09-30T18:59:05.633Z

## Company

nikki, founded in 1932, is a company in Auto Parts listed on TSE Standard. It has 509 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKI CO.,LTD. |
| Ticker | 6042 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6042.T) |
| Listing | TSE Standard |
| Head office | 神奈川県厚木市上依知3029番地 |
| Representative (per filing) | 取締役社長 和田 孝 |
| Founded | Feb 1932 |
| Share capital | ¥500M |
| Employees (consolidated) | 509 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.nikkinet.co.jp (https://www.nikkinet.co.jp/) |
| Corporate number | 2021001020256 |
| EDINET | E02171 |
| Industries (Vizora) | Auto Parts, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YKJL, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 110 |
| Profitability | 95.9 | 111 |
| Cash conversion | 34.7 | 108 |
| Efficiency | 0.5 | 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 42% of nikki's sales come from Generic Equipment Business, with Gas Equipment Business and Automatic Car Equipment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +24.9%.

## Company structure

- Segment revenue mix: Generic Equipment Business 42.3%、Gas Equipment Business 33.7%、Automatic Car Equipment Business 8.6%、Real estate business 8.2%、Industrial equipment business 7.2%
- Revenue → net income: ¥9269079000 → ¥955500000
- Net income → operating cash flow: ¥955500000 → ¥1520737000（difference ¥565237000）
- Main uses of operating cash flow: CapEx ¥447569000 / dividends ¥204673000 / buybacks —
- Change in cash: ¥486597000
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 | ¥9.27B |  |
| Operating income | ¥1.11B | Margin 11.9% |
| Net income | ¥955.2M | Margin 10.3% |
| Free cash flow | ¥1.07B |  |
| Largest business | Generic Equipment Business | of segment revenue 42.3% |
| Employees (consolidated) | 509 |  |
| EPS | ¥277.19 |  |
| Book value per share | ¥5934.76 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 2,000,000 |  |
| Treasury shares | 131,900 |  |
| Shareholders | 770 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 45.1% |
| Vs. industry median margin | +7.2 pp | Auto Parts |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5895873000 | ¥9269079000 | +57.2% |
| Operating income | ¥224050000 | ¥1105544000 | +393.4% |
| Operating margin | 3.8% | 11.9% | +8.1 pp |
| Employees | 549 people | 509 people | -7.3% |
| Cash and equivalents | ¥3715523000 | ¥4178687000 | +12.5% |

### 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 |
| --- | ---: |
| ガス機器事業 → ガス機器事業 | 33.7% |
| ガス機器事業 → 事業再編・廃止 | 6.6% |
| 汎用機器事業 → 汎用機器事業 | 41.2% |
| 自動車機器事業 → 自動車機器事業 | 8.6% |
| 自動車機器事業 → 事業再編・廃止 | 0.5% |
| 不動産賃貸事業 → 不動産賃貸事業 | 8.2% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 汎用機器事業 | 1.1% |
| 新設・再編 → 産業機器事業 | 7.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Generic Equipment Business | 5 years | +10.0% | ¥3918092000 | 12.3% | 2 |
| Gas Equipment Business | 5 years | +5.6% | ¥3124855000 | 7.4% | 2 |
| Automatic Car Equipment Business | 5 years | +8.2% | ¥799152000 | -25.3% | 2 |
| Real estate business | 5 years | +6.5% | ¥757896000 | 79.3% | 2 |
| Industrial equipment business | 2 years | +40.3% | ¥669083000 | -0.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,269 | 100.0% | S100YKJL |
| Cost of revenue | 6,301 | 68.0% | S100YKJL |
| Gross profit | 2,968 | 32.0% | S100YKJL |
| SG&A | 1,862 | 20.1% | S100YKJL |
| Operating income | 1,106 | 11.9% | S100YKJL |
| Ordinary income | 1,177 | 12.7% | S100YKJL |
| Pretax income | 1,267 | 13.7% | S100YKJL |
| Income tax | 312 | 3.4% | S100YKJL |
| Net income | 956 | 10.3% | S100YKJL |
| Net income attributable to owners | 955 | 10.3% | S100YKJL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 20 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 32.0% → Operating margin 11.9% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +24.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.29×
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 | 8,360 | 9,269 | 909 | +10.9% |
| Gross profit | 2,714 | 2,968 | 254 | +9.3% |
| Operating income | 885 | 1,106 | 220 | +24.9% |
| Net income attributable to owners | 631 | 955 | 325 | +51.5% |
| Operating cash flow | -441 | 1,521 | 1,962 | — |
| Free cash flow | -944 | 1,073 | 2,017 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,527 | 639 | 8.5% | 492 | 910 | 399 | S100LTDB |
| FY ending Mar 2021 | 5,896 | 224 | 3.8% | 257 | 496 | -314 | S100OJ5P |
| FY ending Mar 2022 | 8,844 | 1,084 | 12.3% | 923 | 677 | -1,844 | S100R7OG |
| FY ending Mar 2023 | 8,803 | 1,169 | 13.3% | 878 | 802 | -2,439 | S100TTP7 |
| FY ending Mar 2024 | 9,355 | 904 | 9.7% | 2,192 | 1,918 | -2,679 | S100W65J |
| FY ending Mar 2025 | 8,360 | 885 | 10.6% | 631 | -441 | -944 | S100YKJL |
| FY ending Mar 2026 | 9,269 | 1,106 | 11.9% | 955 | 1,521 | 1,073 | S100YKJL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.2M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 523 | 497 | 506 | 502 | 509 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.5M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 44.3 years | 45.0 years | 45.3 years | 45.0 years | 44.9 years |
| Average tenure (parent company) | 18.6 years | 19.3 years | 19.3 years | 19.6 years | 18.1 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas Equipment Business | 3,125 | 33.7% | 231 | 7.4% |
| Generic Equipment Business | 3,918 | 42.3% | 482 | 12.3% |
| Automatic Car Equipment Business | 799 | 8.6% | -202 | -25.3% |
| Industrial equipment business | 669 | 7.2% | -6 | -0.9% |
| Real estate business | 758 | 8.2% | 601 | 79.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gas Equipment Business | 33.7% | 17.6% | -16.1 | 7.4% |
| Generic Equipment Business | 42.3% | 36.7% | -5.6 | 12.3% |
| Automatic Car Equipment Business | 8.6% | — | — | -25.3% |
| Industrial equipment business | 7.2% | — | — | -0.9% |
| Real estate business | 8.2% | 45.7% | 37.6 | 79.3% |

Loss-making segment (excluded from profit shares): Automatic Car Equipment Business -202 JPY mn

Loss-making segment (excluded from profit shares): Industrial equipment business -6 JPY mn

Segment → industry: Automatic Car Equipment Business → Auto Parts / Generic Equipment Business → Auto Parts / Gas Equipment Business → Auto Parts / Real estate business → Real Estate Development & Leasing / Industrial equipment business → Industrial Machinery

## 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 | 1,521 | 16.4% | S100YKJL |
| Capital expenditure | 448 | 4.8% | S100YKJL |
| Free cash flow | 1,073 | 11.6% | 算出 |
| Investing cash flow | -749 | -8.1% | S100YKJL |
| Financing cash flow | -272 | -2.9% | S100YKJL |
| Dividends paid | 205 | 2.2% | S100YKJL |
| Change in cash | 487 | 5.2% | S100YKJL |
| Cash and equivalents | 4,179 | 45.1% | S100YKJL |

## 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 | 3,137 | 4,576 | 3,832 | 3,692 | 4,179 | S100TTP7, S100W65J, S100YKJL |
| Total assets | 17,839 | 20,277 | 23,065 | 23,368 | 24,298 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Net assets | 9,145 | 9,830 | 12,396 | 13,063 | 13,959 | S100TTP7, S100W65J, S100YKJL |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Property, plant and equipment | 8,175 | 8,815 | 10,777 | 10,457 | 10,142 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Intangible assets excluding goodwill | 53 | 53 | 909 | 1,017 | 1,012 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Goodwill | — | — | 599 | 519 | 439 | S100W65J, S100YKJL |
| Investment securities | 1,559 | 1,532 | 1,832 | 1,884 | 2,161 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Current assets | 8,000 | 9,752 | 9,039 | 9,416 | 10,140 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Current liabilities | 5,865 | 5,162 | 5,993 | 5,673 | 5,979 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Trade payables | 199 | 399 | 499 | 278 | 427 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Short-term borrowings | 2,442 | 3,509 | 3,619 | 4,519 | 4,834 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Long-term borrowings | 1,448 | 3,859 | 3,549 | 3,440 | 3,151 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Total liabilities | 8,694 | 10,447 | 10,669 | 10,304 | 10,339 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Non-controlling interests | 21 | 24 | 27 | 30 | 33 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Equity attributable to owners of parent | 8,095 | 8,711 | 10,774 | 11,221 | 11,991 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Retained earnings | 7,751 | 8,489 | 10,533 | 10,960 | 11,710 | S100R7OG, S100TTP7, S100W65J, S100YKJL |
| Treasury stock | -205 | -328 | -308 | -292 | -276 | S100R7OG, S100TTP7, S100W65J, S100YKJL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKJL |
| Property, plant and equipment | 42% | S100YKJL |
| Intangibles and goodwill | 6% | S100YKJL |
| Investment securities | 9% | S100YKJL |
| Other assets | 26% | S100YKJL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKJL |
| Other liabilities | 41% | S100YKJL |
| Equity | 57% | S100YKJL |

### 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 | 17,839 | 20,277 | 23,065 | 23,368 | 24,298 |
| Equity | 9,145 | 9,830 | 12,396 | 13,063 | 13,959 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,137 | 4,576 | 3,832 | 3,692 | 4,179 |

## 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) | 109.4% | S100YKJL |
| Fixed assets ÷ total assets | 41.7% | S100YKJL |
| Goodwill ÷ parent equity | 3.7% | S100YKJL |

### 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) | 17.2% |
| Cash ÷ revenue | 45.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.6% |
| Cash vs. profit gap | 566 JPY mn (of net income 59.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.4% |
| Shareholder payments — dividends / FCF | 19.1% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 49.3% |

## 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 | 10.4% | 0.50× | 5.2% | 2.20× | 11.4% | S100R7OG |
| 2023 | 10.0% | 0.46× | 4.6% | 2.27× | 10.5% | S100TTP7 |
| 2024 | 23.4% | 0.43× | 10.1% | 2.22× | 22.5% | S100W65J |
| 2025 | 7.5% | 0.36× | 2.7% | 2.11× | 5.7% | S100YKJL |
| 2026 | 10.3% | 0.39× | 4.0% | 2.05× | 8.2% | S100YKJL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いちごトラスト・ピーティーイー・リミテッド | Major shareholder | 23.2% | 2026-03-31 |
| WESTERRN GATE GROUP LTD | Major shareholder | 5.3% | 2026-03-31 |
| 谷電機工業株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社富士精機製作所 | Major shareholder | 3.3% | 2026-03-31 |
| 松澤孝一 | Major shareholder | 3.1% | 2026-03-31 |
| 浜銀ファイナンス株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.7% | 2026-03-31 |
| ジェイアンドエス保険サービス株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第135期(2025/04/01－2026/03/31) | S100YKJL | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKJL,, |
| 有価証券報告書－第134期(2024/04/01－2025/03/31) | S100W65J | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W65J,, |
| 有価証券報告書－第133期(2023/04/01－2024/03/31) | S100TTP7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTP7,, |
| 有価証券報告書－第132期(2022/04/01－2023/03/31) | S100R7OG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7OG,, |
| 有価証券報告書－第131期(令和3年4月1日－令和4年3月31日) | S100OJ5P | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ5P,, |
| 有価証券報告書－第130期(令和2年4月1日－令和3年3月31日) | S100LTDB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTDB,, |

## 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).