Nippon AvionicsNippon Avionics Co., Ltd.6946東証スタンダード電気機器FY ending Mar 2026, consolidated, J-GAAP

Nippon Avionics revenue and profit

Out of every ¥100 of sales, about ¥19 is left as operating profit. Revenue changed +45.1% from the prior year, operating profit +97.2%.

Five-year trend

Revenue¥29.2B
FY ending Mar 2022: ¥19.2B¥19.2BFY ending Mar 2023: ¥17.8B¥17.8BFY ending Mar 2024: ¥18.1B¥18.1BFY ending Mar 2025: ¥20.1B¥20.1BFY ending Mar 2026: ¥29.2B¥29.2BFY22FY23FY24FY25FY26
Operating income¥5.51B
FY ending Mar 2022: ¥1.85B¥1.85BFY ending Mar 2023: ¥1.95B¥1.95BFY ending Mar 2024: ¥2.18B¥2.18BFY ending Mar 2025: ¥2.8B¥2.8BFY ending Mar 2026: ¥5.51B¥5.51BFY22FY23FY24FY25FY26
Operating margin18.9%
FY ending Mar 2022: 9.6%9.6%FY ending Mar 2023: 11.0%11.0%FY ending Mar 2024: 12.1%12.1%FY ending Mar 2025: 13.9%13.9%FY ending Mar 2026: 18.9%18.9%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin13.1%
Asset turnover0.93×
ROA12.1%
ROA12.1%
Financial leverage2.52×
ROE30.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin13.1%
2022: 8.5%8.5%2023: 10.3%10.3%2024: 11.9%11.9%2025: 9.8%9.8%2026: 13.1%13.1%2223242526
Asset turnover0.93×
2022: 0.83×0.83×2023: 0.76×0.76×2024: 0.70×0.70×2025: 0.74×0.74×2026: 0.93×0.93×2223242526
ROA12.1%
2022: 7.0%7.0%2023: 7.7%7.7%2024: 8.3%8.3%2025: 7.2%7.2%2026: 12.1%12.1%2223242526
Financial leverage2.52×
2022: 2.90×2.90×2023: 2.66×2.66×2024: 2.39×2.39×2025: 2.33×2.33×2026: 2.52×2.52×2223242526
ROE30.5%
2022: 20.5%20.5%2023: 20.6%20.6%2024: 20.0%20.0%2025: 16.8%16.8%2026: 30.5%30.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20228.5%0.83×7.0%2.90×20.5%
202310.3%0.76×7.7%2.66×20.6%
202411.9%0.70×8.3%2.39×20.0%
20259.8%0.74×7.2%2.33×16.8%
202613.1%0.93×12.1%2.52×30.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue17.1%
2021: 23.4%23.4%2022: 24.4%24.4%2023: 24.8%24.8%2024: 26.3%26.3%2025: 23.4%23.4%2026: 17.1%17.1%212223242526
PPE ÷ total assets13.9%
2021: 18.1%18.1%2022: 20.3%20.3%2023: 18.4%18.4%2024: 17.2%17.2%2025: 17.5%17.5%2026: 13.9%13.9%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥456M
2021: ¥393M¥393M2022: ¥425M¥425M2023: ¥487M¥487M2024: ¥487M¥487M2025: ¥562M¥562M2026: ¥456M¥456M212223242526
R&D / revenue1.6%
2021: 1.9%1.9%2022: 2.2%2.2%2023: 2.7%2.7%2024: 2.7%2.7%2025: 2.8%2.8%2026: 1.6%1.6%212223242526
Cash conversion cycle—
2021: 212d212d212223242526
Receivable days—
2021: 204d204d212223242526
Inventory days91d
2021: 104d104d2022: 89d89d2023: 103d103d2024: 113d113d2025: 115d115d2026: 91d91d212223242526
Payable days—
2021: 96d96d2022: 46d46d2023: 52d52d2024: 55d55d2025: 46d46d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue19,23017,75418,05520,12229,194
Cost of revenue13,18812,01012,33013,48419,681
Gross profit6,0425,7435,7246,6379,512
SG&A4,1913,7923,5463,8413,997
Operating income1,8501,9512,1782,7965,515
Pretax income1,7812,0032,1522,7105,349
Income tax15618237461,529
Net income attributable to owners1,6251,8202,1491,9643,820
Operating margin9.6%11.0%12.1%13.9%18.9%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

3%
Inventories 13%
Property, plant and equipment 14%
1%
0%
Other assets 69%

Funding

Other liabilities 55%
Equity 45%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥3.05B¥2.11B¥2.34B¥1.93B¥1.02B
Total assets¥23.1B¥24B¥27.5B¥26.9B¥36.1B
Net assets¥10.8B¥12.2B¥14.3B¥14B¥16.1B
Share capital¥5.89B¥5.89B¥5.89B¥5.89B¥5.89B
Inventories¥3.21B¥3.4B¥3.83B¥4.25B¥4.89B
Property, plant and equipment¥4.69B¥4.4B¥4.75B¥4.72B¥5B
Intangible assets excluding goodwill¥215M¥185M¥146M¥176M¥237M
Investment securities¥16M¥18M¥21M¥19M¥23M
Current assets¥15.8B¥17.4B¥20B¥19.3B¥27.5B
Current liabilities¥7.38B¥7.07B¥8.79B¥8.72B¥16.8B
Trade payables¥1.65B¥1.71B¥1.87B¥1.72B—
Short-term borrowings¥1.97B¥1.57B¥2.77B¥2.83B¥9.51B
Long-term borrowings¥1.9B¥2.08B¥2.02B¥1.96B¥980M
Total liabilities¥12.3B¥11.8B¥13.2B¥13B¥20B
Equity attributable to owners of parent¥7.94B¥9.76B¥11.8B¥11.6B¥13.4B
Retained earnings¥2.05B¥3.87B¥5.92B¥7.78B¥11.5B
Treasury stock-¥6M-¥13M-¥56M-¥2.04B-¥4.04B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第76期(2025/04/01-2026/03/31)

    ID S100YDXW2026-06-18Open
  • EDINET (FSA Japan)

    有価証券報告書-第75期(2024/04/01-2025/03/31)

    ID S100W2D92025-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第74期(2023/04/01-2024/03/31)

    ID S100TPSP2024-06-21Open
  • EDINET (FSA Japan)

    有価証券報告書-第73期(2022/04/01-2023/03/31)

    ID S100R6BT2023-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第72期(令和3年4月1日-令和4年3月31日)

    ID S100OCSY2022-06-22Open
  • EDINET (FSA Japan)

    有価証券報告書-第71期(令和2年4月1日-令和3年3月31日)

    ID S100LM6H2021-06-23Open

Extracted from XBRL: 50 / Derived from other figures: 1

Spotted an error? Report it (corrections keep the original record)

Analyze this page with AI

Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.