# Nippon Avionics 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76期(2025/04/01－2026/03/31) (S100YDXW)
> Page: https://vizora.meequs.com/en/company/nippon-avionics
> Retrieved: 2026-09-30T21:33:20.191Z

## Company

Nippon Avionics, founded in 1970, is a company in Robots & Factory Automation listed on TSE Standard. It has 763 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Avionics Co., Ltd. |
| Ticker | 6946 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6946.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市瀬谷区本郷二丁目28番2 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役執行役員社長 竹内 正人 |
| Founded | Apr 1970 |
| Share capital | ¥5.89B |
| Employees (consolidated) | 763 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.avio.co.jp (https://www.avio.co.jp/) |
| Corporate number | 5010701017733 |
| EDINET | E01968 |
| Industries (Vizora) | Robots & Factory Automation, Aerospace, Defense |

> Profile source: annual securities report (S100YDXW, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 11 |
| Profitability | 86.4 | 11 |
| Cash conversion | 10 | 5 |
| Efficiency | 96.2 | 13 |

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 82% of Nippon Avionics's sales come from Government Systems, with Industrial Electronic Products making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥29.2B |  |
| Operating income | ¥5.51B | Margin 18.9% |
| Net income | ¥3.82B | Margin 13.1% |
| Free cash flow | -¥4.48B |  |
| Largest business | Government Systems | of segment revenue 81.7% |
| Employees (consolidated) | 763 |  |
| EPS | ¥240.63 |  |
| Book value per share | ¥995.9 |  |
| Equity ratio | 44.6% |  |
| Shares outstanding | 16,764,000 |  |
| Treasury shares | 1,975,900 |  |
| Shareholders | 6,947 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 2.8% | Cash ÷ revenue 3.5% |
| Vs. industry median margin | +40.8 pp | Aerospace |
| ROE | 30.5% | Derived from disclosed figures |
| ROA | 12.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 22.0× dividends
- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20195000000 | ¥29194000000 | +44.6% |
| Operating income | ¥1363000000 | ¥5515000000 | +304.6% |
| Operating margin | 6.7% | 18.9% | +12.1 pp |
| Employees | 698 people | 763 people | +9.3% |
| Cash and equivalents | ¥2291000000 | ¥1024000000 | -55.3% |

### 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 |
| --- | ---: |
| 情報システム → 情報システム | 61.4% |
| 電子機器 → 電子機器 | 18.3% |
| 電子機器 → 事業再編・廃止 | 20.3% |
| 新設・再編 → 情報システム | 20.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,194 | 100.0% | S100YDXW |
| Cost of revenue | 19,681 | 67.4% | S100YDXW |
| Gross profit | 9,512 | 32.6% | S100YDXW |
| SG&A | 3,997 | 13.7% | S100YDXW |
| Operating income | 5,515 | 18.9% | S100YDXW |
| Ordinary income | 5,358 | 18.4% | S100YDXW |
| Pretax income | 5,349 | 18.3% | S100YDXW |
| Income tax | 1,529 | 5.2% | S100YDXW |
| Net income | 3,820 | 13.1% | S100YDXW |
| Net income attributable to owners | 3,820 | 13.1% | S100YDXW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 14 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 32.6% → Operating margin 18.9% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +45.1%; Core profit growth: +97.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.16×
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 | 20,122 | 29,194 | 9,072 | +45.1% |
| Gross profit | 6,637 | 9,512 | 2,875 | +43.3% |
| Operating income | 2,796 | 5,515 | 2,719 | +97.2% |
| Net income attributable to owners | 1,964 | 3,820 | 1,856 | +94.5% |
| Operating cash flow | 2,150 | -3,621 | -5,771 | -268.4% |
| Free cash flow | 1,679 | -4,484 | -6,163 | -367.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,805 | 83 | 0.5% | 76 | -1,123 | -1,348 | S100LM6H |
| FY ending Mar 2021 | 20,195 | 1,363 | 6.7% | 1,030 | 859 | 565 | S100OCSY |
| FY ending Mar 2022 | 19,230 | 1,850 | 9.6% | 1,625 | 3,352 | 3,084 | S100R6BT |
| FY ending Mar 2023 | 17,754 | 1,951 | 11.0% | 1,820 | -860 | -1,062 | S100TPSP |
| FY ending Mar 2024 | 18,055 | 2,178 | 12.1% | 2,149 | -206 | -726 | S100W2D9 |
| FY ending Mar 2025 | 20,122 | 2,796 | 13.9% | 1,964 | 2,150 | 1,679 | S100YDXW |
| FY ending Mar 2026 | 29,194 | 5,515 | 18.9% | 3,820 | -3,621 | -4,484 | S100YDXW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.3M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5M |

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) | 659 | 657 | 657 | 701 | 763 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥6.8M | ¥7M | ¥7.1M |
| Average age (parent company) | 48.6 years | 48.7 years | 48.5 years | 48.6 years | 47.4 years |
| Average tenure (parent company) | 21.5 years | 20.9 years | 20.0 years | 18.8 years | 16.3 years |

Year over year: Employees (consolidated) +8.8% · Revenue (consolidated) +45.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Government Systems | 23,858 | 81.7% | 5,096 | 21.4% |
| Industrial Electronic Products | 5,335 | 18.3% | 419 | 7.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Government Systems | 81.7% | 92.4% | 10.7 | 21.4% |
| Industrial Electronic Products | 18.3% | 7.6% | -10.7 | 7.9% |

Segment → industry: Industrial Electronic Products → Robots & Factory Automation / Government Systems → Aerospace / Government Systems → Defense

## 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 | -3,621 | -12.4% | S100YDXW |
| Capital expenditure | 863 | 3.0% | S100YDXW |
| Free cash flow | -4,484 | -15.4% | 算出 |
| Investing cash flow | -864 | -3.0% | S100YDXW |
| Financing cash flow | 3,576 | 12.2% | S100YDXW |
| Dividends paid | 91 | 0.3% | S100YDXW |
| Share buyback | 2,001 | 6.9% | S100YDXW |
| Change in cash | -909 | -3.1% | S100YDXW |
| Cash and equivalents | 1,024 | 3.5% | S100YDXW |

## 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 | 3,047 | 2,108 | 2,341 | 1,934 | 1,024 | S100TPSP, S100W2D9, S100YDXW |
| Total assets | 23,059 | 23,964 | 27,528 | 26,913 | 36,077 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Net assets | 10,765 | 12,170 | 14,305 | 13,958 | 16,104 | S100TPSP, S100W2D9, S100YDXW |
| Share capital | 5,895 | 5,895 | 5,895 | 5,895 | 5,895 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Inventories | 3,206 | 3,398 | 3,825 | 4,246 | 4,893 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Property, plant and equipment | 4,692 | 4,401 | 4,748 | 4,716 | 5,004 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Intangible assets excluding goodwill | 215 | 185 | 146 | 176 | 237 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Investment securities | 16 | 18 | 21 | 19 | 23 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Current assets | 15,844 | 17,403 | 19,979 | 19,340 | 27,545 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Current liabilities | 7,384 | 7,067 | 8,792 | 8,724 | 16,833 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Trade payables | 1,652 | 1,712 | 1,868 | 1,716 | — | S100R6BT, S100TPSP, S100W2D9 |
| Short-term borrowings | 1,970 | 1,570 | 2,770 | 2,830 | 9,510 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Long-term borrowings | 1,900 | 2,080 | 2,020 | 1,960 | 980 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Total liabilities | 12,293 | 11,793 | 13,222 | 12,954 | 19,972 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Equity attributable to owners of parent | 7,940 | 9,760 | 11,766 | 11,646 | 13,380 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Retained earnings | 2,051 | 3,873 | 5,920 | 7,784 | 11,512 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |
| Treasury stock | -6 | -13 | -56 | -2,041 | -4,040 | S100R6BT, S100TPSP, S100W2D9, S100YDXW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YDXW |
| Inventories | 13% | S100YDXW |
| Property, plant and equipment | 14% | S100YDXW |
| Intangibles and goodwill | 1% | S100YDXW |
| Investment securities | 0% | S100YDXW |
| Other assets | 69% | S100YDXW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YDXW |
| Equity | 45% | S100YDXW |
| Other liabilities | 0% | S100YDXW |

### 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 | 23,059 | 23,964 | 27,528 | 26,913 | 36,077 |
| Equity | 10,765 | 12,170 | 14,305 | 13,958 | 16,104 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,047 | 2,108 | 2,341 | 1,934 | 1,024 |

## 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) | 17.1% | S100YDXW |
| Fixed assets ÷ total assets | 13.9% | S100YDXW |
| Goodwill ÷ parent equity | — | —, S100YDXW |

### 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) | 2.8% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -65.7% |
| Cash vs. profit gap | -7,441 JPY mn (of net income -194.8%) |
| Shareholder returns / net income | 54.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 2.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | — |

## 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 | 8.5% | 0.83× | 7.0% | 2.90× | 20.5% | S100R6BT |
| 2023 | 10.3% | 0.76× | 7.7% | 2.66× | 20.6% | S100TPSP |
| 2024 | 11.9% | 0.70× | 8.3% | 2.39× | 20.0% | S100W2D9 |
| 2025 | 9.8% | 0.74× | 7.2% | 2.33× | 16.8% | S100YDXW |
| 2026 | 13.1% | 0.93× | 12.1% | 2.52× | 30.5% | S100YDXW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＡＪホールディングス株式会社 | Major shareholder | 52.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.4% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＷＥＳＴ ＣＬＩＥＮＴ ― ＴＲＥＡＴＹ ５０５２３４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| ＪＰＭＳＬＬＣ ＣＬ ＪＰＹ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 0.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| セントラル短資株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＩＮＧＡＰＯＲＥ／２Ｓ／ＪＡＳＤＥＣ／ＣＬＩＥＮＴ ＡＳＳＥＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YDXW | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDXW,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W2D9 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2D9,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TPSP | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPSP,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R6BT | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BT,, |
| 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) | S100OCSY | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCSY,, |
| 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) | S100LM6H | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM6H,, |

## 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).