# NIKKO 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163期(2025/04/01－2026/03/31) (S100YH1J)
> Page: https://vizora.meequs.com/en/company/nikko-6306
> Retrieved: 2026-09-30T21:36:28.319Z

## Company

Nikko, founded in 1919, is a company in Industrial Machinery listed on TSE Prime. It has 1,169 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKO CO., LTD. |
| Ticker | 6306 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6306.T) |
| Listing | TSE Prime |
| Head office | 兵庫県明石市大久保町江井島1013番地の1 |
| Representative (per filing) | 取締役社長 中山 知巳 |
| Founded | Aug 1919 |
| Share capital | ¥9.2B |
| Employees (consolidated) | 1,169 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.nikko-net.co.jp (https://www.nikko-net.co.jp/) |
| Corporate number | 6140001035281 |
| EDINET | E01372 |
| Industries (Vizora) | Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100YH1J, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 17 |
| Profitability | 40.6 | 16 |
| Cash conversion | 50 | 15 |
| Efficiency | 55.9 | 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 39% of Nikko's sales come from Asphalt related business, with Concrete related business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit +12.0%.

## Company structure

- Segment revenue mix: Asphalt related business 39.1%、Concrete related business 29.1%、Other 11.2%、Environment and Conveyor business 8.9%、Manufacturing outsourcing business 6.8%
- Revenue → net income: ¥49371000000 → ¥2538000000
- Net income → operating cash flow: ¥2538000000 → ¥2592000000（difference ¥54000000）
- Main uses of operating cash flow: CapEx ¥2004000000 / dividends ¥1308000000 / buybacks —
- Change in cash: ¥-2583000000
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 | ¥49.4B |  |
| Operating income | ¥3.1B | Margin 6.3% |
| Net income | ¥2.54B | Margin 5.1% |
| Free cash flow | ¥588M |  |
| Largest business | Asphalt related business | of segment revenue 39.1% |
| Employees (consolidated) | 1,169 |  |
| EPS | ¥66.61 |  |
| Book value per share | ¥739.75 |  |
| Equity ratio | 58.0% |  |
| Shares outstanding | 40,000,000 |  |
| Treasury shares | 1,464,800 |  |
| Shareholders | 24,255 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 23.1% |
| Vs. industry median margin | -2.3 pp | Construction & Farm Machinery |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37866000000 | ¥49371000000 | +30.4% |
| Operating income | ¥2302000000 | ¥3099000000 | +34.6% |
| Operating margin | 6.1% | 6.3% | +0.2 pp |
| Employees | 861 people | 1,169 people | +35.8% |
| Cash and equivalents | ¥12444000000 | ¥11394000000 | -8.4% |

### 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 |
| --- | ---: |
| アスファルトプラント関連事業 → アスファルトプラント関連事業 | 39.1% |
| アスファルトプラント関連事業 → 事業再編・廃止 | 12.3% |
| コンクリートプラント関連事業 → コンクリートプラント関連事業 | 24.3% |
| 環境及び搬送関連事業 → 環境及び搬送関連事業 | 6.3% |
| その他 → その他 | 11.2% |
| その他 → 事業再編・廃止 | 6.8% |
| 新設・再編 → コンクリートプラント関連事業 | 4.8% |
| 新設・再編 → 環境及び搬送関連事業 | 2.5% |
| 新設・再編 → 破砕機関連事業 | 5.0% |
| 新設・再編 → 製造請負関連事業 | 6.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asphalt related business | 5 years | -0.1% | ¥19327000000 | 5.4% | 2 |
| Concrete related business | 5 years | +9.3% | ¥14361000000 | 13.9% | 2 |
| Other | 5 years | -4.1% | ¥5522000000 | 11.5% | 2 |
| Environment and Conveyor business | 5 years | +12.8% | ¥4371000000 | 27.8% | 2 |
| Manufacturing outsourcing business | 3 years | +14.6% | ¥3339000000 | 16.3% | 2 |
| Crusher business | 3 years | +3.4% | ¥2448000000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,371 | 100.0% | S100YH1J |
| Cost of revenue | 34,173 | 69.2% | S100YH1J |
| Gross profit | 15,198 | 30.8% | S100YH1J |
| SG&A | 12,098 | 24.5% | S100YH1J |
| Operating income | 3,099 | 6.3% | S100YH1J |
| Ordinary income | 3,425 | 6.9% | S100YH1J |
| Pretax income | 3,276 | 6.6% | S100YH1J |
| Income tax | 737 | 1.5% | S100YH1J |
| Net income | 2,538 | 5.1% | S100YH1J |
| Net income attributable to owners | 2,536 | 5.1% | S100YH1J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.8% → Operating margin 6.3% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.4%; Core profit growth: +12.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 28.32×
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 | 49,162 | 49,371 | 209 | +0.4% |
| Gross profit | 13,992 | 15,198 | 1,206 | +8.6% |
| Operating income | 2,766 | 3,099 | 333 | +12.0% |
| Net income attributable to owners | 2,009 | 2,536 | 527 | +26.2% |
| Operating cash flow | 2,994 | 2,592 | -402 | -13.4% |
| Free cash flow | 76 | 588 | 512 | +673.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,151 | 2,053 | 5.8% | 1,588 | 3,809 | 2,417 | S100LNAG |
| FY ending Mar 2021 | 37,866 | 2,302 | 6.1% | 2,082 | 2,784 | 370 | S100ODXK |
| FY ending Mar 2022 | 38,846 | 2,053 | 5.3% | 1,649 | 2,224 | 527 | S100R38F |
| FY ending Mar 2023 | 39,665 | 1,028 | 2.6% | 1,020 | -1,644 | -3,818 | S100TO3E |
| FY ending Mar 2024 | 44,097 | 1,968 | 4.5% | 1,312 | 4,332 | 2,011 | S100W1KG |
| FY ending Mar 2025 | 49,162 | 2,766 | 5.6% | 2,009 | 2,994 | 76 | S100YH1J |
| FY ending Mar 2026 | 49,371 | 3,099 | 6.3% | 2,536 | 2,592 | 588 | S100YH1J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 1,038 | 1,064 | 1,117 | 1,133 | 1,169 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥6.9M | ¥7.6M | ¥7.6M |
| Average age (parent company) | 40.8 years | 40.3 years | 39.7 years | 39.5 years | 39.0 years |
| Average tenure (parent company) | 15.3 years | 14.7 years | 14.0 years | 13.8 years | 13.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asphalt related business | 19,327 | 39.1% | 1,045 | 5.4% |
| Concrete related business | 14,361 | 29.1% | 2,003 | 13.9% |
| Environment and Conveyor business | 4,371 | 8.9% | 1,216 | 27.8% |
| Crusher business | 2,448 | 5.0% | 69 | 2.8% |
| Manufacturing outsourcing business | 3,339 | 6.8% | 543 | 16.3% |
| Other | 5,522 | 11.2% | 637 | 11.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asphalt related business | 39.1% | 19.0% | -20.2 | 5.4% |
| Concrete related business | 29.1% | 36.3% | 7.2 | 13.9% |
| Environment and Conveyor business | 8.9% | 22.1% | 13.2 | 27.8% |
| Crusher business | 5.0% | 1.3% | -3.7 | 2.8% |
| Manufacturing outsourcing business | 6.8% | 9.8% | 3.1 | 16.3% |
| Other | 11.2% | 11.6% | 0.4 | 11.5% |

Segment → industry: Manufacturing outsourcing business → Industrial Machinery / Environment and Conveyor business → Industrial Machinery / Crusher business → Construction & Farm Machinery / Concrete related business → Construction & Farm Machinery / Asphalt related business → Construction & Farm 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 | 2,592 | 5.3% | S100YH1J |
| Capital expenditure | 2,004 | 4.1% | S100YH1J |
| Free cash flow | 588 | 1.2% | 算出 |
| Investing cash flow | -1,428 | -2.9% | S100YH1J |
| Financing cash flow | -3,783 | -7.7% | S100YH1J |
| Dividends paid | 1,308 | 2.6% | S100YH1J |
| Change in cash | -2,583 | -5.2% | S100YH1J |
| Cash and equivalents | 11,394 | 23.1% | S100YH1J |

## 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 | 12,389 | 10,270 | 15,504 | 13,977 | 11,394 | S100TO3E, S100W1KG, S100YH1J |
| Total assets | 52,079 | 52,127 | 62,229 | 63,725 | 64,443 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Net assets | 32,050 | 31,604 | 33,086 | 34,560 | 37,409 | S100TO3E, S100W1KG, S100YH1J |
| Share capital | 9,197 | 9,197 | 9,197 | 9,197 | 9,197 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Property, plant and equipment | 10,669 | 11,839 | 13,247 | 15,305 | 16,107 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Intangible assets excluding goodwill | 1,036 | 1,020 | 1,208 | 1,198 | 1,090 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Goodwill | 266 | 130 | 196 | 166 | 180 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Investment securities | 4,336 | 3,488 | 5,248 | 5,565 | 6,894 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Current assets | 34,127 | 33,723 | 41,033 | 40,126 | 38,927 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Current liabilities | 15,774 | 15,338 | 21,743 | 21,515 | 20,609 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Trade payables | 3,132 | 3,012 | 3,256 | 2,932 | 3,221 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Short-term borrowings | 2,229 | 3,312 | 6,166 | 5,489 | 3,734 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Long-term borrowings | 1,583 | 2,449 | 4,550 | 4,761 | 4,270 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Total liabilities | 20,029 | 20,523 | 29,143 | 29,164 | 27,033 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Non-controlling interests | 46 | -40 | 57 | 8 | 10 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Equity attributable to owners of parent | 30,093 | 29,999 | 30,038 | 30,984 | 32,248 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Retained earnings | 13,755 | 13,628 | 13,791 | 14,648 | 15,875 | S100R38F, S100TO3E, S100W1KG, S100YH1J |
| Treasury stock | -784 | -760 | -738 | -667 | -645 | S100R38F, S100TO3E, S100W1KG, S100YH1J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YH1J |
| Property, plant and equipment | 25% | S100YH1J |
| Intangibles and goodwill | 2% | S100YH1J |
| Investment securities | 11% | S100YH1J |
| Other assets | 44% | S100YH1J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YH1J |
| Other liabilities | 37% | S100YH1J |
| Equity | 58% | S100YH1J |
| Other liabilities | 0% | S100YH1J |

### 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 | 52,079 | 52,127 | 62,229 | 63,725 | 64,443 |
| Equity | 32,050 | 31,604 | 33,086 | 34,560 | 37,409 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,389 | 10,270 | 15,504 | 13,977 | 11,394 |

## 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) | 32.6% | S100YH1J |
| Fixed assets ÷ total assets | 25.0% | S100YH1J |
| Goodwill ÷ parent equity | 0.6% | S100YH1J |

Goodwill over 4 years: 266 → 180 JPY; total investing cash flow: -9,957 JPY. This does not imply causation.

### 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) | 17.7% |
| Cash ÷ revenue | 23.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.6% |
| Cash vs. profit gap | 56 JPY mn (of net income 2.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 51.6% |
| Shareholder payments — dividends / FCF | 222.4% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 55.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.2% | 0.75× | 3.2% | 1.73× | 5.5% | S100R38F |
| 2023 | 2.6% | 0.76× | 2.0% | 1.73× | 3.4% | S100TO3E |
| 2024 | 3.0% | 0.77× | 2.3% | 1.90× | 4.4% | S100W1KG |
| 2025 | 4.1% | 0.78× | 3.2% | 2.06× | 6.6% | S100YH1J |
| 2026 | 5.1% | 0.77× | 4.0% | 2.03× | 8.0% | S100YH1J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.2% | 2026-03-31 |
| 日工社員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 日工取引先持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 湊ハマ株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| 中西電機工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 日本ヒューム株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第163期(2025/04/01－2026/03/31) | S100YH1J | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH1J,, |
| 有価証券報告書－第162期(2024/04/01－2025/03/31) | S100W1KG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KG,, |
| 有価証券報告書－第161期(2023/04/01－2024/03/31) | S100TO3E | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO3E,, |
| 有価証券報告書－第160期(2022/04/01－2023/03/31) | S100R38F | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R38F,, |
| 有価証券報告書－第159期(令和3年4月1日－令和4年3月31日) | S100ODXK | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODXK,, |
| 有価証券報告書－第158期(令和2年4月1日－令和3年3月31日) | S100LNAG | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNAG,, |

## 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).