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

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第167期(2025/01/01－2025/12/31) (S100XT3M)
> Page: https://vizora.meequs.com/en/company/nippon-carbon
> Retrieved: 2026-09-30T21:39:42.212Z

## Company

Nippon Carbon, founded in 1915, is a company in Glass & Ceramics listed on TSE Prime. It has 667 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Carbon Co.,Ltd. |
| Ticker | 5302 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5302.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八丁堀一丁目10番7号 |
| Representative (per filing) | 代表取締役社長 宮下 尚史 |
| Founded | Dec 1915 |
| Share capital | ¥7.4B |
| Employees (consolidated) | 667 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.carbon.co.jp (https://www.carbon.co.jp/) |
| Corporate number | 9010001035011 |
| EDINET | E01140 |
| Industries (Vizora) | Glass & Ceramics |

> Profile source: annual securities report (S100XT3M, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 17 |
| Profitability | 67.6 | 17 |
| Cash conversion | 59.4 | 16 |
| Efficiency | 32.4 | 17 |

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 89% of Nippon Carbon's sales come from Carbon product business, with Silicon carbide product business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -23.9%.

## Company structure

- Segment revenue mix: Carbon product business 88.7%、Silicon carbide product business 11.3%
- Revenue → net income: ¥37735000000 → ¥5388000000
- Net income → operating cash flow: ¥5388000000 → ¥6319000000（difference ¥931000000）
- Main uses of operating cash flow: CapEx ¥5528000000 / dividends ¥2206000000 / buybacks —
- Change in cash: ¥2881000000
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 | ¥37.7B |  |
| Operating income | ¥4.81B | Margin 12.7% |
| Net income | ¥4.83B | Margin 12.8% |
| Free cash flow | ¥791M |  |
| Largest business | Carbon product business | of segment revenue 88.7% |
| Employees (consolidated) | 667 |  |
| EPS | ¥350.7 |  |
| Book value per share | ¥4080.42 |  |
| Equity ratio | 63.5% |  |
| Shares outstanding | 11,832,000 |  |
| Treasury shares | 730,000 |  |
| Shareholders | 16,137 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 17.6% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | +1.8 pp | Glass & Ceramics |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 67% of positive segment profit
- FY2025, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26802000000 | ¥37735000000 | +40.8% |
| Operating income | ¥3015000000 | ¥4809000000 | +59.5% |
| Operating margin | 11.2% | 12.7% | +1.5 pp |
| Employees | 663 people | 667 people | +0.6% |
| Cash and equivalents | ¥14455000000 | ¥15035000000 | +4.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 炭素製品関連 → 事業再編・廃止 | 91.4% |
| 炭化けい素製品関連 → 事業再編・廃止 | 8.6% |
| 新設・再編 → 炭素製品関連 | 88.7% |
| 新設・再編 → 炭化けい素製品関連 | 11.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,735 | 100.0% | S100XT3M |
| Cost of revenue | 27,477 | 72.8% | S100XT3M |
| Gross profit | 10,257 | 27.2% | S100XT3M |
| SG&A | 5,448 | 14.4% | S100XT3M |
| Operating income | 4,809 | 12.7% | S100XT3M |
| Ordinary income | 5,103 | 13.5% | S100XT3M |
| Pretax income | 7,829 | 20.7% | S100XT3M |
| Income tax | 2,441 | 6.5% | S100XT3M |
| Net income | 5,388 | 14.3% | S100XT3M |
| Net income attributable to owners | 4,830 | 12.8% | S100XT3M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 14 |
| Operating income | 13 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 27.2% → Operating margin 12.7% → Net margin 12.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -23.9%
Operating leverage (core profit growth ÷ revenue growth): 41.04×
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 | 37,956 | 37,735 | -221 | -0.6% |
| Gross profit | 11,485 | 10,257 | -1,228 | -10.7% |
| Operating income | 6,319 | 4,809 | -1,510 | -23.9% |
| Net income attributable to owners | 4,078 | 4,830 | 752 | +18.4% |
| Operating cash flow | 5,234 | 6,319 | 1,085 | +20.7% |
| Free cash flow | 514 | 791 | 277 | +53.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 44,931 | 14,827 | 33.0% | 9,700 | 4,792 | 1,107 | S100L0ZY |
| FY ending Dec 2020 | 26,802 | 3,015 | 11.2% | 1,810 | 3,853 | -1,020 | S100NRAN |
| FY ending Dec 2021 | 31,578 | 3,706 | 11.7% | 2,729 | 7,551 | 5,906 | S100QGWN |
| FY ending Dec 2022 | 35,799 | 4,791 | 13.4% | 3,194 | 5,798 | 3,956 | S100T5ID |
| FY ending Dec 2023 | 37,867 | 6,573 | 17.4% | 4,050 | 3,189 | 78 | S100VH1I |
| FY ending Dec 2024 | 37,956 | 6,319 | 16.6% | 4,078 | 5,234 | 514 | S100XT3M |
| FY ending Dec 2025 | 37,735 | 4,809 | 12.7% | 4,830 | 6,319 | 791 | S100XT3M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.6M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥7.2M |

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) | 648 | 651 | 650 | 661 | 667 |
| Average salary (parent company) | ¥7.5M | ¥7.7M | ¥7.8M | ¥7.9M | ¥7.9M |
| Average age (parent company) | 42.5 years | 42.5 years | 42.4 years | 42.1 years | 42.6 years |
| Average tenure (parent company) | 17.3 years | 17.3 years | 17.0 years | 16.2 years | 16.4 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) -0.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Carbon product business | 32,397 | 88.7% | 2,990 | 9.2% |
| Silicon carbide product business | 4,128 | 11.3% | 1,479 | 35.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Carbon product business | 88.7% | 66.9% | -21.8 | 9.2% |
| Silicon carbide product business | 11.3% | 33.1% | 21.8 | 35.8% |

Segment → industry: Silicon carbide product business → Glass & Ceramics / Carbon product business → Glass & Ceramics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,319 | 16.7% | S100XT3M |
| Capital expenditure | 5,528 | 14.6% | S100XT3M |
| Free cash flow | 791 | 2.1% | 算出 |
| Investing cash flow | -2,198 | -5.8% | S100XT3M |
| Financing cash flow | -1,265 | -3.4% | S100XT3M |
| Dividends paid | 2,206 | 5.8% | S100XT3M |
| Change in cash | 2,881 | 7.6% | S100XT3M |
| Cash and equivalents | 15,035 | 39.8% | S100XT3M |

## 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 | 17,720 | 18,177 | 14,382 | 12,154 | 15,035 | S100T5ID, S100VH1I, S100XT3M |
| Total assets | 72,692 | 74,181 | 78,466 | 82,348 | 85,607 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Net assets | 52,257 | 53,210 | 57,681 | 60,819 | 63,607 | S100T5ID, S100VH1I, S100XT3M |
| Share capital | 7,402 | 7,402 | 7,402 | 7,402 | 7,402 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Trade receivables | 11,592 | — | — | — | — | S100QGWN |
| Property, plant and equipment | 19,515 | 19,502 | 19,599 | 22,863 | 23,250 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Intangible assets excluding goodwill | 264 | 240 | 215 | 182 | 137 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Investment securities | 5,172 | 4,566 | 8,667 | 10,431 | 10,197 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Current assets | 45,399 | 47,546 | 47,416 | 46,319 | 49,082 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Current liabilities | 17,027 | 19,175 | 17,923 | 18,538 | 18,639 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Trade payables | 3,900 | 5,416 | 4,091 | 3,435 | 2,906 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Short-term borrowings | 9,180 | 8,892 | 8,576 | 9,016 | 10,151 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Long-term borrowings | 1,387 | 200 | 278 | 196 | 180 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Total liabilities | 20,434 | 20,971 | 20,784 | 21,529 | 22,000 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Non-controlling interests | 7,270 | 7,647 | 8,226 | 8,804 | 9,213 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Equity attributable to owners of parent | 43,054 | 43,992 | 45,835 | 47,745 | 50,367 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Retained earnings | 29,805 | 30,744 | 32,586 | 34,454 | 37,074 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |
| Treasury stock | -2,011 | -2,012 | -2,012 | -1,969 | -1,967 | S100QGWN, S100T5ID, S100VH1I, S100XT3M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XT3M |
| Property, plant and equipment | 27% | S100XT3M |
| Intangibles and goodwill | 0% | S100XT3M |
| Investment securities | 12% | S100XT3M |
| Other assets | 43% | S100XT3M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XT3M |
| Other liabilities | 22% | S100XT3M |
| Equity | 74% | S100XT3M |

### 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 | 72,692 | 74,181 | 78,466 | 82,348 | 85,607 |
| Equity | 52,257 | 53,210 | 57,681 | 60,819 | 63,607 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,720 | 18,177 | 14,382 | 12,154 | 15,035 |

## 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) | 61.6% | S100XT3M |
| Fixed assets ÷ total assets | 27.2% | S100XT3M |
| Goodwill ÷ parent equity | — | —, S100XT3M |

### 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) | 17.6% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.4% |
| Cash vs. profit gap | 1,489 JPY mn (of net income 30.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | 278.9% |
| CapEx intensity (capex ÷ revenue) | 14.6% |
| Investing CF relative to operating CF | 34.8% |

## 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 | 8.6% | 0.43× | 3.8% | 1.69× | 6.3% | S100QGWN |
| 2022 | 8.9% | 0.49× | 4.3% | 1.69× | 7.3% | S100T5ID |
| 2023 | 10.7% | 0.50× | 5.3% | 1.70× | 9.0% | S100VH1I |
| 2024 | 10.7% | 0.47× | 5.1% | 1.72× | 8.7% | S100XT3M |
| 2025 | 12.8% | 0.45× | 5.8% | 1.71× | 9.8% | S100XT3M |

## 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 | 12.8% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2025-12-31 |
| SECカーボン株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.8% | 2025-12-31 |
| KOREA SECURITIESDEPOSITORY-MERITZ(常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部長) | Major shareholder | 2.7% | 2025-12-31 |
| 日本カーボン共栄持株会 | Major shareholder | 1.4% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第167期(2025/01/01－2025/12/31) | S100XT3M | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT3M,, |
| 有価証券報告書－第166期(2024/01/01－2024/12/31) | S100VH1I | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH1I,, |
| 有価証券報告書－第165期(2023/01/01－2023/12/31) | S100T5ID | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5ID,, |
| 有価証券報告書－第164期(2022/01/01－2022/12/31) | S100QGWN | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGWN,, |
| 有価証券報告書－第163期(令和3年1月1日－令和3年12月31日) | S100NRAN | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRAN,, |
| 有価証券報告書－第162期(令和2年1月1日－令和2年12月31日) | S100L0ZY | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0ZY,, |

## 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).