# Nippon Aqua Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/01/01－2025/12/31) (S100XUQB)
> Page: https://vizora.meequs.com/en/company/nippon-aqua
> Retrieved: 2026-09-30T22:17:18.229Z

## Company

Nippon Aqua, founded in 2004, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 710 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Aqua Co., Ltd. |
| Ticker | 1429 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1429.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目16番2号 |
| Representative (per filing) | 代表取締役社長 中村 文隆 |
| Founded | Nov 2004 |
| Share capital | ¥1.9B |
| Employees (consolidated) | 710 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.n-aqua.co.jp (https://www.n-aqua.co.jp/) |
| Corporate number | 4020001061696 |
| EDINET | E30126 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XUQB, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 56 |
| Profitability | 78.4 | 58 |
| Cash conversion | 19 | 50 |
| Efficiency | 92.2 | 58 |

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 Aqua brought in ¥33.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +11.3% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥33670846000 → ¥1895906000
- Net income → operating cash flow: ¥1895906000 → ¥1510471000（difference ¥-385435000）
- Main uses of operating cash flow: CapEx ¥503809000 / dividends ¥1084876000 / buybacks —
- Change in cash: ¥151859000
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 | ¥33.7B |  |
| Operating income | ¥2.77B | Margin 8.2% |
| Net income | ¥1.9B | Margin 5.6% |
| Free cash flow | ¥1.01B |  |
| Employees (consolidated) | 710 |  |
| EPS | ¥59.42 |  |
| Book value per share | ¥361.17 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 34,760,000 |  |
| Treasury shares | 2,548,700 |  |
| Shareholders | 10,028 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 7.2% |
| Vs. industry median margin | +3.8 pp | Housing Equipment & Building Materials |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21872218000 | ¥33670846000 | +53.9% |
| Operating income | ¥1896370000 | ¥2774429000 | +46.3% |
| Operating margin | 8.7% | 8.2% | -0.4 pp |
| Employees | 487 people | 710 people | +45.8% |
| Cash and equivalents | ¥1651998000 | ¥2415160000 | +46.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,671 | 100.0% | S100XUQB |
| Cost of revenue | 25,932 | 77.0% | S100XUQB |
| Gross profit | 7,739 | 23.0% | S100XUQB |
| SG&A | 4,964 | 14.7% | S100XUQB |
| Operating income | 2,774 | 8.2% | S100XUQB |
| Ordinary income | 2,794 | 8.3% | S100XUQB |
| Pretax income | 2,796 | 8.3% | S100XUQB |
| Income tax | 901 | 2.7% | S100XUQB |
| Net income | 1,896 | 5.6% | S100XUQB |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 23.0% → Operating margin 8.2% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.3%; Core profit growth: +7.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,265 | 33,671 | 3,406 | +11.3% |
| Gross profit | 6,862 | 7,739 | 876 | +12.8% |
| Operating income | 2,576 | 2,774 | 199 | +7.7% |
| Operating cash flow | -517 | 1,510 | 2,027 | — |
| Free cash flow | -725 | 1,007 | 1,732 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 21,367 | 1,910 | 8.9% | 1,275 | 1,657 | 887 | S100L1CE |
| FY ending Dec 2020 | 21,872 | 1,896 | 8.7% | 1,343 | 694 | 8 | S100NQKU |
| FY ending Dec 2021 | 23,903 | 1,412 | 5.9% | 954 | 521 | 165 | S100QGPT |
| FY ending Dec 2022 | 25,670 | 2,329 | 9.1% | 1,549 | -298 | -587 | S100T5ZM |
| FY ending Dec 2023 | 28,342 | 2,882 | 10.2% | 2,004 | 4,022 | 3,702 | S100VH45 |
| FY ending Dec 2024 | 30,265 | 2,576 | 8.5% | 1,840 | -517 | -725 | S100XUQB |
| FY ending Dec 2025 | 33,671 | 2,774 | 8.2% | 1,896 | 1,510 | 1,007 | S100XUQB |

## People and productivity（FY ending Dec 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 438 | 422 | 501 | 612 | 710 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5.1M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 36.0 years | 35.0 years | 35.0 years | 35.0 years | 35.0 years |
| Average tenure (parent company) | 5.0 years | 4.1 years | 4.0 years | 3.9 years | 3.9 years |

Year over year: Employees (consolidated) +16.0% · Revenue (consolidated) +11.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,510 | 4.5% | S100XUQB |
| Capital expenditure | 504 | 1.5% | S100XUQB |
| Free cash flow | 1,007 | 3.0% | 算出 |
| Investing cash flow | -603 | -1.8% | S100XUQB |
| Financing cash flow | -755 | -2.2% | S100XUQB |
| Dividends paid | 1,085 | 3.2% | S100XUQB |
| Change in cash | 152 | 0.5% | S100XUQB |
| Cash and equivalents | 2,415 | 7.2% | S100XUQB |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,927 | 2,677 | 2,033 | 2,263 | 2,415 | S100T5ZM, S100VH45, S100XUQB |
| Total assets | 18,279 | 21,970 | 20,392 | 24,072 | 25,810 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Net assets | 7,951 | 7,967 | 9,305 | 10,546 | 11,634 | S100T5ZM, S100VH45, S100XUQB |
| Share capital | 1,904 | 1,904 | 1,904 | 1,904 | 1,904 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Property, plant and equipment | 4,263 | 4,346 | 4,367 | 4,271 | 4,480 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Intangible assets excluding goodwill | 112 | 96 | 86 | 80 | 89 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Investment securities | 2 | 2 | 3 | 3 | 4 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Current assets | 13,591 | 17,136 | 15,473 | 18,820 | 20,015 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Current liabilities | 10,167 | 13,902 | 10,928 | 13,416 | 14,091 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Short-term borrowings | 3,100 | 6,000 | 2,400 | 4,500 | 4,800 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Long-term borrowings | 33 | — | — | — | — | S100QGPT |
| Total liabilities | 10,328 | 14,003 | 11,088 | 13,526 | 14,176 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Equity attributable to owners of parent | 7,951 | 7,967 | 9,304 | 10,545 | 11,633 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Retained earnings | 5,368 | 6,271 | 7,523 | 8,358 | 9,169 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |
| Treasury stock | -1,205 | -2,093 | -2,035 | -1,732 | -1,537 | S100QGPT, S100T5ZM, S100VH45, S100XUQB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XUQB |
| Property, plant and equipment | 18% | S100XUQB |
| Intangibles and goodwill | 0% | S100XUQB |
| Investment securities | 0% | S100XUQB |
| Other assets | 73% | S100XUQB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XUQB |
| Equity | 45% | S100XUQB |
| Other liabilities | 0% | S100XUQB |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,279 | 21,970 | 20,392 | 24,072 | 25,810 |
| Equity | 7,951 | 7,967 | 9,305 | 10,546 | 11,634 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,927 | 2,677 | 2,033 | 2,263 | 2,415 |

## 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) | 13.3% | S100XUQB |
| Fixed assets ÷ total assets | 17.4% | S100XUQB |
| Goodwill ÷ parent equity | — | —, S100XUQB |

### 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) | 9.4% |
| Cash ÷ revenue | 7.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.4% |
| Cash vs. profit gap | -385 JPY mn (of net income -20.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.2% |
| Shareholder payments — dividends / FCF | 107.8% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 39.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.0% | 1.31× | 5.2% | 2.30× | 12.0% | S100QGPT |
| 2022 | 6.0% | 1.28× | 7.7% | 2.53× | 19.5% | S100T5ZM |
| 2023 | 7.1% | 1.34× | 9.5% | 2.45× | 23.2% | S100VH45 |
| 2024 | 6.1% | 1.36× | 8.3% | 2.24× | 18.5% | S100XUQB |
| 2025 | 5.6% | 1.35× | 7.6% | 2.25× | 17.1% | S100XUQB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヒノキヤグループ | Major shareholder | 54.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.6% | 2025-12-31 |
| 中村 文隆 | Major shareholder | 3.1% | 2025-12-31 |
| 早川 直希 | Major shareholder | 1.3% | 2025-12-31 |
| 日本アクア従業員持株会 | Major shareholder | 1.1% | 2025-12-31 |
| 幸福船舶株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| 片山 善博 | Major shareholder | 0.8% | 2025-12-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ（常任代理人 ゴールドマン・サックス証券株式会社 代表取締役社長 居松 秀浩） | Major shareholder | 0.7% | 2025-12-31 |
| 村上 友香 | Major shareholder | 0.7% | 2025-12-31 |
| 南角 光彦 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/01/01－2025/12/31) | S100XUQB | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUQB,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VH45 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH45,, |
| 有価証券報告書－第20期(2023/01/01－2023/12/31) | S100T5ZM | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5ZM,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QGPT | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGPT,, |
| 有価証券報告書－第18期(令和3年1月1日－令和3年12月31日) | S100NQKU | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQKU,, |
| 有価証券報告書－第17期(令和2年1月1日－令和2年12月31日) | S100L1CE | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1CE,, |

## 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).