# NIKKO COMPANY: 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101期(2025/04/01－2026/03/31) (S100YDSD)
> Page: https://vizora.meequs.com/en/company/nikko
> Retrieved: 2026-09-30T19:05:52.054Z

## Company

Nikko Company, founded in 1950, is a company in Glass & Ceramics listed on Nagoya. It has 571 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKO COMPANY |
| Ticker | 5343 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5343.T) |
| Listing | Nagoya |
| Head office | 石川県白山市相木町383番地 |
| Representative (per filing) | 代表取締役社長 三谷 明子 |
| Founded | Aug 1950 |
| Share capital | ¥3.85B |
| Employees (consolidated) | 571 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.nikko-company.co.jp (https://www.nikko-company.co.jp/) |
| Corporate number | 2220001008794 |
| EDINET | E01135 |
| Industries (Vizora) | Glass & Ceramics, Livestock, Feed & Fertilizer, Housing Equipment & Building Materials, Waste Management & Recycling |

> Profile source: annual securities report (S100YDSD, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 24 |
| Profitability | 30 | 25 |
| Cash conversion | 58 | 25 |
| Efficiency | 86 | 25 |

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 Nikko Company's sales come from Housing environment equipment, with Functional ceramic goods and China and porcelain making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +97.3%.

## Company structure

- Segment revenue mix: Housing environment equipment 68.6%、Functional ceramic goods 19.0%、China and porcelain 12.3%、Other 0.0%
- Revenue → net income: ¥15982000000 → ¥813000000
- Net income → operating cash flow: ¥813000000 → ¥737000000（difference ¥-76000000）
- Main uses of operating cash flow: CapEx ¥218000000 / dividends — / buybacks —
- Change in cash: ¥136000000
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 | ¥16B |  |
| Operating income | ¥724M | Margin 4.5% |
| Net income | ¥813M | Margin 5.1% |
| Free cash flow | ¥519M |  |
| Largest business | Housing environment equipment | of segment revenue 68.6% |
| Employees (consolidated) | 571 |  |
| EPS | ¥24.26 |  |
| Book value per share | ¥72.83 |  |
| Equity ratio | 27.6% |  |
| Shares outstanding | 29,842,000 |  |
| Treasury shares | 865,000 |  |
| Shareholders | 6,331 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 10.0% |
| Vs. industry median margin | +0.1 pp | Housing Equipment & Building Materials |
| ROE | 36.5% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 97%
- FY2026, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11458000000 | ¥15982000000 | +39.5% |
| Operating income | ¥-627000000 | ¥724000000 | — |
| Operating margin | -5.5% | 4.5% | +10 pp |
| Employees | 615 people | 571 people | -7.2% |
| Cash and equivalents | ¥1278000000 | ¥1593000000 | +24.6% |

### 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 |
| --- | ---: |
| 住設環境機器事業 → 住設環境機器事業 | 68.6% |
| 住設環境機器事業 → 事業再編・廃止 | 5.9% |
| 機能性セラミック商品事業 → 機能性セラミック商品事業 | 16.2% |
| 陶磁器事業 → 陶磁器事業 | 9.3% |
| 新設・再編 → 機能性セラミック商品事業 | 2.8% |
| 新設・再編 → 陶磁器事業 | 3.0% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing environment equipment | 5 years | +5.1% | ¥10969000000 | 10.6% | 2 |
| Functional ceramic goods | 5 years | +10.4% | ¥3039000000 | 14.0% | 2 |
| China and porcelain | 5 years | +13.1% | ¥1964000000 | 2.1% | 2 |
| Other | 3 years | +91.3% | ¥7000000 | -142.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,982 | 100.0% | S100YDSD |
| Cost of revenue | 10,638 | 66.6% | S100YDSD |
| Gross profit | 5,343 | 33.4% | S100YDSD |
| SG&A | 4,619 | 28.9% | S100YDSD |
| Operating income | 724 | 4.5% | S100YDSD |
| Ordinary income | 741 | 4.6% | S100YDSD |
| Pretax income | 719 | 4.5% | S100YDSD |
| Income tax | -94 | -0.6% | S100YDSD |
| Net income | 813 | 5.1% | S100YDSD |
| Net income attributable to owners | 813 | 5.1% | S100YDSD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 29 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.4% → Operating margin 4.5% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +97.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.04×
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 | 15,068 | 15,982 | 914 | +6.1% |
| Gross profit | 4,675 | 5,343 | 668 | +14.3% |
| Operating income | 367 | 724 | 357 | +97.3% |
| Net income attributable to owners | 289 | 813 | 524 | +181.3% |
| Operating cash flow | 599 | 737 | 138 | +23.0% |
| Free cash flow | 420 | 519 | 99 | +23.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,422 | 90 | 0.7% | 121 | 123 | -152 | S100LGMH |
| FY ending Mar 2021 | 11,458 | -627 | -5.5% | -682 | -109 | -379 | S100OH2J |
| FY ending Mar 2022 | 12,577 | -174 | -1.4% | -85 | 255 | 32 | S100R0XL |
| FY ending Mar 2023 | 13,992 | -210 | -1.5% | -177 | 293 | -3 | S100TNNZ |
| FY ending Mar 2024 | 14,719 | 147 | 1.0% | 145 | 643 | 191 | S100W5JO |
| FY ending Mar 2025 | 15,068 | 367 | 2.4% | 289 | 599 | 420 | S100YDSD |
| FY ending Mar 2026 | 15,982 | 724 | 4.5% | 813 | 737 | 519 | S100YDSD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 601 | 605 | 607 | 579 | 571 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.2M | ¥4.4M | ¥4.7M |
| Average age (parent company) | 44.5 years | 45.0 years | 45.4 years | 46.0 years | 46.4 years |
| Average tenure (parent company) | 18.4 years | 18.6 years | 18.7 years | 19.4 years | 19.7 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing environment equipment | 10,969 | 68.6% | 1,164 | 10.6% |
| Functional ceramic goods | 3,039 | 19.0% | 424 | 14.0% |
| China and porcelain | 1,964 | 12.3% | 41 | 2.1% |
| Other | 7 | 0.0% | -10 | -142.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing environment equipment | 68.6% | 71.5% | 2.8 | 10.6% |
| Functional ceramic goods | 19.0% | 26.0% | 7.0 | 14.0% |
| China and porcelain | 12.3% | 2.5% | -9.8 | 2.1% |
| Other | 0.0% | — | — | -142.9% |

Loss-making segment (excluded from profit shares): Other -10 JPY mn

Segment → industry: China and porcelain → Glass & Ceramics / Functional ceramic goods → Glass & Ceramics / Other → Livestock, Feed & Fertilizer / Housing environment equipment → Housing Equipment & Building Materials / Housing environment equipment → Waste Management & Recycling

## 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 | 737 | 4.6% | S100YDSD |
| Capital expenditure | 218 | 1.4% | S100YDSD |
| Free cash flow | 519 | 3.2% | 算出 |
| Investing cash flow | -335 | -2.1% | S100YDSD |
| Financing cash flow | -269 | -1.7% | S100YDSD |
| Change in cash | 136 | 0.9% | S100YDSD |
| Cash and equivalents | 1,593 | 10.0% | S100YDSD |

## 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 | 932 | 1,044 | 983 | 1,456 | 1,593 | S100TNNZ, S100W5JO, S100YDSD |
| Total assets | 8,708 | 9,246 | 9,119 | 9,687 | 10,047 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Net assets | 729 | 552 | 716 | 1,785 | 2,773 | S100TNNZ, S100W5JO, S100YDSD |
| Share capital | 3,470 | 3,470 | 3,470 | 3,850 | 3,850 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Property, plant and equipment | 2,772 | 2,628 | 2,488 | 2,457 | 2,362 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Intangible assets excluding goodwill | 41 | 48 | 110 | 145 | 148 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Investment securities | 99 | 113 | 113 | 162 | 250 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Current assets | 5,683 | 6,354 | 6,280 | 6,787 | 6,964 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Current liabilities | 6,102 | 6,795 | 6,644 | 6,239 | 5,431 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Trade payables | 2,487 | 2,992 | 2,796 | 2,734 | 2,036 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Short-term borrowings | 2,200 | 2,050 | 2,000 | 1,600 | 1,000 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Long-term borrowings | 240 | 294 | 170 | 60 | 443 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Bonds | 100 | 60 | 20 | — | — | S100R0XL, S100TNNZ, S100W5JO |
| Interest-bearing debt | 2,540 | 2,404 | 2,190 | — | — | 算出 |
| Total liabilities | 7,979 | 8,694 | 8,403 | 7,901 | 7,274 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Equity attributable to owners of parent | 806 | 628 | 773 | 1,822 | 2,636 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Retained earnings | -3,910 | -4,087 | -3,942 | -3,653 | -2,839 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |
| Treasury stock | -338 | -338 | -338 | -338 | -338 | S100R0XL, S100TNNZ, S100W5JO, S100YDSD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YDSD |
| Property, plant and equipment | 24% | S100YDSD |
| Intangibles and goodwill | 1% | S100YDSD |
| Investment securities | 2% | S100YDSD |
| Other assets | 57% | S100YDSD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100YDSD |
| Other liabilities | 52% | S100YDSD |
| Equity | 28% | S100YDSD |

### 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 | 8,708 | 9,246 | 9,119 | 9,687 | 10,047 |
| Equity | 729 | 552 | 716 | 1,785 | 2,773 |
| Interest-bearing debt | 2,540 | 2,404 | 2,190 | — | — |
| Cash | 932 | 1,044 | 983 | 1,456 | 1,593 |

## 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) | 14.8% | S100YDSD |
| Fixed assets ÷ total assets | 23.5% | S100YDSD |
| Goodwill ÷ parent equity | — | —, S100YDSD |

### 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) | 15.9% |
| Cash ÷ revenue | 10.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.8% |
| Cash vs. profit gap | -76 JPY mn (of net income -9.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 45.5% |

## 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 | — | —× | -1.0% | —× | — | S100R0XL |
| 2023 | — | —× | -2.0% | —× | — | S100TNNZ |
| 2024 | 1.0% | 1.60× | 1.6% | 13.11× | 20.7% | S100W5JO |
| 2025 | 1.9% | 1.60× | 3.1% | 7.25× | 22.3% | S100YDSD |
| 2026 | 5.1% | 1.62× | 8.2% | 4.43× | 36.5% | S100YDSD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三谷 充 | Major shareholder | 30.3% | 2026-03-31 |
| 三谷産業株式会社 | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(三井住友信託銀行再信託分・ＴＤＫ株式会社退職給付信託口) | Major shareholder | 6.7% | 2026-03-31 |
| 公益財団法人三谷育英会 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社北國銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三谷サービスエンジン | Major shareholder | 2.6% | 2026-03-31 |
| 大和ハウス工業株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 住友不動産シスコン株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 三谷株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YDSD | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDSD,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W5JO | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5JO,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TNNZ | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNNZ,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R0XL | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0XL,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OH2J | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH2J,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LGMH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGMH,, |

## 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).