# Nippon Air Conditioning Services 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) (S100YC3N)
> Page: https://vizora.meequs.com/en/company/nippon-air-conditioning-services
> Retrieved: 2026-09-30T22:47:12.415Z

## Company

Nippon Air Conditioning Services, founded in 1964, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 2,268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Air Conditioning Services Co., Ltd. |
| Ticker | 4658 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4658.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市名東区照が丘239番2 |
| Representative (per filing) | 代表取締役社長 依藤 敏明 |
| Founded | Apr 1964 |
| Share capital | ¥1.14B |
| Employees (consolidated) | 2,268 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.nikku.co.jp (https://www.nikku.co.jp/) |
| Corporate number | 6180001002699 |
| EDINET | E04973 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YC3N, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.2 | 72 |
| Profitability | 33.6 | 76 |
| Cash conversion | 37.2 | 74 |
| Efficiency | 88.8 | 76 |

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)

- Nippon Air Conditioning Services brought in ¥69.2B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit +13.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥69245000000 → ¥3693000000
- Net income → operating cash flow: ¥3693000000 → ¥2757000000（difference ¥-936000000）
- Main uses of operating cash flow: CapEx ¥1505000000 / dividends ¥1654000000 / buybacks —
- Change in cash: ¥-845000000
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 | ¥69.2B |  |
| Operating income | ¥4.76B | Margin 6.9% |
| Net income | ¥3.7B | Margin 5.3% |
| Free cash flow | ¥1.25B |  |
| Employees (consolidated) | 2,268 |  |
| EPS | ¥87.91 |  |
| Diluted EPS | ¥87.27 |  |
| Book value per share | ¥686.95 |  |
| Equity ratio | 57.6% |  |
| Shares outstanding | 35,784,000 |  |
| Treasury shares | 1,123,700 |  |
| Shareholders | 16,684 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 10.5% |
| Vs. industry median margin | -2.2 pp | Plant Engineering & Building Services |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49152000000 | ¥69245000000 | +40.9% |
| Operating income | ¥3007000000 | ¥4758000000 | +58.2% |
| Operating margin | 6.1% | 6.9% | +0.8 pp |
| Employees | 2,029 people | 2,268 people | +11.8% |
| Cash and equivalents | ¥6227000000 | ¥7296000000 | +17.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,245 | 100.0% | S100YC3N |
| Cost of revenue | 54,333 | 78.5% | S100YC3N |
| Gross profit | 14,912 | 21.5% | S100YC3N |
| SG&A | 10,154 | 14.7% | S100YC3N |
| Operating income | 4,758 | 6.9% | S100YC3N |
| Ordinary income | 5,108 | 7.4% | S100YC3N |
| Pretax income | 5,129 | 7.4% | S100YC3N |
| Income tax | 1,436 | 2.1% | S100YC3N |
| Net income | 3,693 | 5.3% | S100YC3N |
| Net income attributable to owners | 3,696 | 5.3% | S100YC3N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 15 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.5% → Operating margin 6.9% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.5%; Core profit growth: +13.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.81×
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 | 64,438 | 69,245 | 4,807 | +7.5% |
| Gross profit | 12,958 | 14,912 | 1,954 | +15.1% |
| Operating income | 4,191 | 4,758 | 567 | +13.5% |
| Net income attributable to owners | 3,102 | 3,696 | 594 | +19.1% |
| Operating cash flow | 4,961 | 2,757 | -2,204 | -44.4% |
| Free cash flow | 1,622 | 1,252 | -370 | -22.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,675 | 3,105 | 6.3% | 1,899 | 107 | -114 | S100LKLE |
| FY ending Mar 2021 | 49,152 | 3,007 | 6.1% | 1,998 | 2,726 | 2,537 | S100OGGI |
| FY ending Mar 2022 | 49,886 | 2,617 | 5.2% | 2,821 | 1,781 | 1,469 | S100R3JQ |
| FY ending Mar 2023 | 52,886 | 2,847 | 5.4% | 1,940 | 921 | 335 | S100TPNR |
| FY ending Mar 2024 | 58,232 | 3,630 | 6.2% | 2,725 | 2,421 | 751 | S100W06X |
| FY ending Mar 2025 | 64,438 | 4,191 | 6.5% | 3,102 | 4,961 | 1,622 | S100YC3N |
| FY ending Mar 2026 | 69,245 | 4,758 | 6.9% | 3,696 | 2,757 | 1,252 | S100YC3N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 2,116 | 2,130 | 2,154 | 2,210 | 2,268 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.3M | ¥6.6M | ¥7.2M |
| Average age (parent company) | 39.4 years | 39.9 years | 40.2 years | 40.3 years | 40.2 years |
| Average tenure (parent company) | 13.7 years | 14.1 years | 14.5 years | 14.6 years | 14.3 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +7.5%

## 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 | 2,757 | 4.0% | S100YC3N |
| Capital expenditure | 1,505 | 2.2% | S100YC3N |
| Free cash flow | 1,252 | 1.8% | 算出 |
| Investing cash flow | -1,541 | -2.2% | S100YC3N |
| Financing cash flow | -2,075 | -3.0% | S100YC3N |
| Dividends paid | 1,654 | 2.4% | S100YC3N |
| Change in cash | -845 | -1.2% | S100YC3N |
| Cash and equivalents | 7,296 | 10.5% | S100YC3N |

## 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 | 6,649 | 5,885 | 6,242 | 8,141 | 7,296 | S100TPNR, S100W06X, S100YC3N |
| Total assets | 35,140 | 37,561 | 42,949 | 48,568 | 53,142 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Net assets | 20,482 | 21,705 | 24,212 | 26,124 | 30,940 | S100TPNR, S100W06X, S100YC3N |
| Share capital | 1,139 | 1,139 | 1,139 | 1,139 | 1,139 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Property, plant and equipment | 8,238 | 8,448 | 9,819 | 12,929 | 13,422 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Intangible assets excluding goodwill | 76 | 74 | 62 | 73 | 114 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Investment securities | 4,412 | 4,859 | 5,902 | 6,094 | 9,967 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Current assets | 21,653 | 23,445 | 26,387 | 28,662 | 28,840 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Current liabilities | 10,948 | 12,237 | 14,492 | 16,696 | 15,913 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Short-term borrowings | 320 | 640 | 870 | 550 | 550 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Long-term borrowings | 357 | 200 | 578 | 2,356 | 1,997 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Total liabilities | 14,657 | 15,855 | 18,737 | 22,443 | 22,201 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Non-controlling interests | 145 | 162 | 177 | 198 | 204 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Equity attributable to owners of parent | 17,983 | 18,827 | 20,603 | 22,323 | 24,436 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Retained earnings | 16,482 | 17,459 | 19,176 | 20,761 | 22,797 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |
| Treasury stock | -807 | -931 | -875 | -742 | -691 | S100R3JQ, S100TPNR, S100W06X, S100YC3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YC3N |
| Property, plant and equipment | 25% | S100YC3N |
| Intangibles and goodwill | 0% | S100YC3N |
| Investment securities | 19% | S100YC3N |
| Other assets | 42% | S100YC3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YC3N |
| Equity | 58% | S100YC3N |
| Other liabilities | 0% | S100YC3N |

### 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 | 35,140 | 37,561 | 42,949 | 48,568 | 53,142 |
| Equity | 20,482 | 21,705 | 24,212 | 26,124 | 30,940 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,649 | 5,885 | 6,242 | 8,141 | 7,296 |

## 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) | 19.4% | S100YC3N |
| Fixed assets ÷ total assets | 25.3% | S100YC3N |
| Goodwill ÷ parent equity | — | —, S100YC3N |

### 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) | 13.7% |
| Cash ÷ revenue | 10.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.9% |
| Cash vs. profit gap | -939 JPY mn (of net income -25.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.8% |
| Shareholder payments — dividends / FCF | 132.1% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 55.9% |

## 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 | 5.7% | 1.42× | 8.0% | 1.95× | 15.7% | S100R3JQ |
| 2023 | 3.7% | 1.45× | 5.3% | 1.98× | 10.5% | S100TPNR |
| 2024 | 4.7% | 1.45× | 6.8% | 2.04× | 13.8% | S100W06X |
| 2025 | 4.8% | 1.41× | 6.8% | 2.13× | 14.5% | S100YC3N |
| 2026 | 5.3% | 1.36× | 7.3% | 2.18× | 15.8% | S100YC3N |

## 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 | 10.2% | 2026-03-31 |
| 日本空調サービス従業員持株会 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| ＭＵＲＡＫＡＭＩ ＴＡＫＡＴＥＲＵ （常任代理人 三田証券株式会社） | Major shareholder | 4.3% | 2026-03-31 |
| 重田 康光 | Major shareholder | 2.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 岡地 修 | Major shareholder | 1.7% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 林 伸健 | Major shareholder | 1.1% | 2026-03-31 |
| ダイキン工業株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YC3N | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC3N,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W06X | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W06X,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TPNR | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPNR,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R3JQ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3JQ,, |
| 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) | S100OGGI | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGGI,, |
| 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) | S100LKLE | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKLE,, |

## 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).