# NIPPON CARBIDE INDUSTRIES CO.,INC.: 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127期(2025/04/01－2026/03/31) (S100YJLD)
> Page: https://vizora.meequs.com/en/company/nippon-carbide-industries
> Retrieved: 2026-09-30T17:51:37.767Z

## Company

Nippon Carbide Industries, founded in 1935, is a company in Chemicals listed on TSE Prime. It has 3,400 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CARBIDE INDUSTRIES CO.,INC. |
| Ticker | 4064 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4064.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目16番2号 |
| Representative (per filing) | 取締役社長 杉山 孝久 |
| Founded | Oct 1935 |
| Share capital | ¥7.8B |
| Employees (consolidated) | 3,400 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.carbide.co.jp (https://www.carbide.co.jp/) |
| Corporate number | 6010401038624 |
| EDINET | E00777 |
| Industries (Vizora) | Chemicals, Electronic Components, Plant Engineering & Building Services, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YJLD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 96 |
| Profitability | 59.5 | 100 |
| Cash conversion | 40.1 | 96 |
| Efficiency | 71.5 | 100 |

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 45% of Nippon Carbide Industries's sales come from Films and sheets, with Electronic and functional products and Building Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +17.2%.

## Company structure

- Segment revenue mix: Films and sheets 44.9%、Electronic and functional products 33.6%、Building Materials 14.2%、Engineering 7.3%
- Revenue → net income: ¥49909000000 → ¥2967000000
- Net income → operating cash flow: ¥2967000000 → ¥5567000000（difference ¥2600000000）
- Main uses of operating cash flow: CapEx ¥953000000 / dividends ¥754000000 / buybacks —
- Change in cash: ¥778000000
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 | ¥49.9B |  |
| Operating income | ¥4.09B | Margin 8.2% |
| Net income | ¥2.61B | Margin 5.2% |
| Free cash flow | ¥4.61B |  |
| Largest business | Films and sheets | of segment revenue 44.9% |
| Employees (consolidated) | 3,400 |  |
| EPS | ¥157.6 |  |
| Book value per share | ¥2667.87 |  |
| Equity ratio | 61.3% |  |
| Shares outstanding | 9,419,659 |  |
| Treasury shares | 94,200 |  |
| Shareholders | 8,901 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 22.1% | Cash ÷ revenue 27.7% |
| Vs. industry median margin | +0.7 pp | Chemicals |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42231000000 | ¥49909000000 | +18.2% |
| Operating income | ¥2388000000 | ¥4095000000 | +71.5% |
| Operating margin | 5.7% | 8.2% | +2.6 pp |
| Employees | 3,574 people | 3,400 people | -4.9% |
| Cash and equivalents | ¥12402000000 | ¥13842000000 | +11.6% |

### 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 |
| --- | ---: |
| 電子・機能製品 → 電子・機能製品 | 33.6% |
| 電子・機能製品 → 事業再編・廃止 | 7.5% |
| フィルム・シート製品 → フィルム・シート製品 | 32.3% |
| 建材関連 → 建材関連 | 14.2% |
| 建材関連 → 事業再編・廃止 | 5.2% |
| エンジニアリング → エンジニアリング | 7.1% |
| 新設・再編 → フィルム・シート製品 | 12.6% |
| 新設・再編 → エンジニアリング | 0.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Films and sheets | 5 years | +10.1% | ¥22395000000 | 13.2% | 2 |
| Electronic and functional products | 5 years | -1.1% | ¥16772000000 | 8.8% | 2 |
| Building Materials | 5 years | -3.2% | ¥7105000000 | 1.3% | 2 |
| Engineering | 5 years | +3.5% | ¥3636000000 | 6.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,909 | 100.0% | S100YJLD |
| Cost of revenue | 33,378 | 66.9% | S100YJLD |
| Gross profit | 16,531 | 33.1% | S100YJLD |
| SG&A | 12,436 | 24.9% | S100YJLD |
| Operating income | 4,095 | 8.2% | S100YJLD |
| Ordinary income | 4,583 | 9.2% | S100YJLD |
| Pretax income | 3,975 | 8.0% | S100YJLD |
| Income tax | 1,007 | 2.0% | S100YJLD |
| Net income | 2,967 | 5.9% | S100YJLD |
| Net income attributable to owners | 2,607 | 5.2% | S100YJLD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.1% → Operating margin 8.2% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +17.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.10×
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 | 48,727 | 49,909 | 1,182 | +2.4% |
| Gross profit | 15,603 | 16,531 | 928 | +5.9% |
| Operating income | 3,493 | 4,095 | 602 | +17.2% |
| Net income attributable to owners | 2,211 | 2,607 | 396 | +17.9% |
| Operating cash flow | 4,105 | 5,567 | 1,462 | +35.6% |
| Free cash flow | 3,112 | 4,614 | 1,502 | +48.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,699 | 2,557 | 5.5% | 1,741 | 2,736 | 1,581 | S100LTFS |
| FY ending Mar 2021 | 42,231 | 2,388 | 5.7% | 2,406 | 3,790 | 1,136 | S100OVGH |
| FY ending Mar 2022 | 47,003 | 3,192 | 6.8% | 1,930 | 4,297 | 1,756 | S100R7QY |
| FY ending Mar 2023 | 44,008 | 1,261 | 2.9% | 332 | 3,606 | 1,463 | S100VAFO |
| FY ending Mar 2024 | 43,231 | 849 | 2.0% | 999 | 5,373 | 2,434 | S100WUPG |
| FY ending Mar 2025 | 48,727 | 3,493 | 7.2% | 2,211 | 4,105 | 3,112 | S100YJLD |
| FY ending Mar 2026 | 49,909 | 4,095 | 8.2% | 2,607 | 5,567 | 4,614 | S100YJLD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥766.8K |

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) | 3,589 | 3,322 | 3,297 | 3,312 | 3,400 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.1M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 43.4 years | 43.1 years | 43.8 years | 44.1 years | 44.2 years |
| Average tenure (parent company) | 19.0 years | 18.4 years | 18.8 years | 17.7 years | 17.1 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic and functional products | 16,772 | 33.6% | 1,479 | 8.8% |
| Films and sheets | 22,395 | 44.9% | 2,945 | 13.2% |
| Building Materials | 7,105 | 14.2% | 90 | 1.3% |
| Engineering | 3,636 | 7.3% | 233 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic and functional products | 33.6% | 31.2% | -2.4 | 8.8% |
| Films and sheets | 44.9% | 62.0% | 17.2 | 13.2% |
| Building Materials | 14.2% | 1.9% | -12.3 | 1.3% |
| Engineering | 7.3% | 4.9% | -2.4 | 6.4% |

Segment → industry: Films and sheets → Chemicals / Electronic and functional products → Chemicals / Electronic and functional products → Electronic Components / Engineering → Plant Engineering & Building Services / Building Materials → Housing Equipment & Building Materials

## 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 | 5,567 | 11.2% | S100YJLD |
| Capital expenditure | 953 | 1.9% | S100YJLD |
| Free cash flow | 4,614 | 9.2% | 算出 |
| Investing cash flow | -1,313 | -2.6% | S100YJLD |
| Financing cash flow | -3,696 | -7.4% | S100YJLD |
| Dividends paid | 754 | 1.5% | S100YJLD |
| Change in cash | 778 | 1.6% | S100YJLD |
| Cash and equivalents | 13,842 | 27.7% | S100YJLD |

## 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 | 10,838 | 9,821 | 12,057 | 13,063 | 13,842 | S100VAFO, S100WUPG, S100YJLD |
| Total assets | 64,546 | 61,838 | 61,020 | 63,360 | 62,765 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Net assets | 32,049 | 33,086 | 34,623 | 37,906 | 40,948 | S100VAFO, S100WUPG, S100YJLD |
| Share capital | 7,780 | 7,789 | 7,797 | 7,797 | 7,797 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Property, plant and equipment | 24,820 | 25,585 | 23,374 | 23,055 | 21,796 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Intangible assets excluding goodwill | 776 | 708 | 629 | 657 | 608 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Investment securities | 1,520 | 926 | 435 | 387 | 460 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Current assets | 36,588 | 33,645 | 35,721 | 38,453 | 38,915 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Current liabilities | 18,591 | 16,869 | 14,681 | 15,030 | 12,101 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Trade payables | 7,464 | 5,912 | 5,537 | 5,890 | 5,182 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Short-term borrowings | 6,871 | 6,466 | 6,214 | 5,714 | 3,575 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Long-term borrowings | 7,098 | 4,994 | 4,943 | 3,891 | 3,279 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Total liabilities | 32,496 | 28,751 | 26,396 | 25,454 | 21,817 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Non-controlling interests | 1,731 | 1,854 | 1,992 | 2,184 | 2,489 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Equity attributable to owners of parent | 23,546 | 23,789 | 23,996 | 25,388 | 27,262 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Retained earnings | 12,627 | 12,909 | 13,298 | 14,672 | 16,526 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |
| Treasury stock | -12 | -12 | -212 | -195 | -174 | S100R7QY, S100VAFO, S100WUPG, S100YJLD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YJLD |
| Property, plant and equipment | 35% | S100YJLD |
| Intangibles and goodwill | 1% | S100YJLD |
| Investment securities | 1% | S100YJLD |
| Other assets | 41% | S100YJLD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJLD |
| Other liabilities | 27% | S100YJLD |
| Equity | 65% | S100YJLD |

### 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 | 64,546 | 61,838 | 61,020 | 63,360 | 62,765 |
| Equity | 32,049 | 33,086 | 34,623 | 37,906 | 40,948 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,838 | 9,821 | 12,057 | 13,063 | 13,842 |

## 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) | 43.7% | S100YJLD |
| Fixed assets ÷ total assets | 34.7% | S100YJLD |
| Goodwill ÷ parent equity | — | —, S100YJLD |

### 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) | 22.1% |
| Cash ÷ revenue | 27.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.9% |
| Cash vs. profit gap | 2,960 JPY mn (of net income 113.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | 16.3% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 23.6% |

## 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 | 4.1% | 0.73× | 3.0% | 2.74× | 8.2% | S100R7QY |
| 2023 | 0.8% | 0.70× | 0.5% | 2.67× | 1.4% | S100VAFO |
| 2024 | 2.3% | 0.70× | 1.6% | 2.57× | 4.2% | S100WUPG |
| 2025 | 4.5% | 0.78× | 3.6% | 2.52× | 9.0% | S100YJLD |
| 2026 | 5.2% | 0.79× | 4.1% | 2.40× | 9.9% | S100YJLD |

## 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 | 12.0% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 4.2% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 榊原 三郎 | Major shareholder | 2.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.4% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YJLD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJLD,, |
| 訂正有価証券報告書－第126期(2024/04/01－2025/03/31) | S100WUPG | 2025-10-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WUPG,, |
| 訂正有価証券報告書－第125期(2023/04/01－2024/03/31) | S100VAFO | 2025-03-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAFO,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100R7QY | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QY,, |
| 訂正有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OVGH | 2022-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OVGH,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LTFS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTFS,, |

## 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).