# NIPPON CERAMIC 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51期(2025/01/01－2025/12/31) (S100XTCV)
> Page: https://vizora.meequs.com/en/company/nippon-ceramic
> Retrieved: 2026-09-30T20:30:42.481Z

## Company

Nippon Ceramic, founded in 1975, is a company in Electronic Components listed on TSE Prime. It has 1,377 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CERAMIC CO., LTD. |
| Ticker | 6929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6929.T) |
| Listing | TSE Prime |
| Head office | 鳥取県鳥取市広岡176番地17 |
| Representative (per filing) | 代表取締役社長 谷口 真一 |
| Founded | Jun 1975 |
| Share capital | ¥11B |
| Employees (consolidated) | 1,377 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | December |
| Corporate number | 2270001000573 |
| EDINET | E01988 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XTCV, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84 | 53 |
| Profitability | 95.5 | 56 |
| Cash conversion | 21.9 | 48 |
| Efficiency | 11.6 | 56 |

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 Ceramic brought in ¥27.3B in revenue.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +25.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥27325000000 → ¥7067000000
- Net income → operating cash flow: ¥7067000000 → ¥4888000000（difference ¥-2179000000）
- Main uses of operating cash flow: CapEx ¥2142000000 / dividends ¥2756000000 / buybacks ¥2615000000
- Change in cash: ¥-4706000000
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 | ¥27.3B |  |
| Operating income | ¥6.23B | Margin 22.8% |
| Net income | ¥7B | Margin 25.6% |
| Free cash flow | ¥2.75B |  |
| Employees (consolidated) | 1,377 |  |
| EPS | ¥336.54 |  |
| Book value per share | ¥1776.44 |  |
| Equity ratio | 84.4% |  |
| Shares outstanding | 27,231,000 |  |
| Treasury shares | 6,038,200 |  |
| Shareholders | 8,873 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 35.7% | Cash ÷ revenue 73.6% |
| Vs. industry median margin | +16.9 pp | Electronic Components |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 12.2% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 26%
- FY2025, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17116000000 | ¥27325000000 | +59.6% |
| Operating income | ¥2846000000 | ¥6228000000 | +118.8% |
| Operating margin | 16.6% | 22.8% | +6.2 pp |
| Employees | 1,478 people | 1,377 people | -6.8% |
| Cash and equivalents | ¥21606000000 | ¥20099000000 | -7.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,325 | 100.0% | S100XTCV |
| Cost of revenue | 18,753 | 68.6% | S100XTCV |
| Gross profit | 8,571 | 31.4% | S100XTCV |
| SG&A | 2,343 | 8.6% | S100XTCV |
| Operating income | 6,228 | 22.8% | S100XTCV |
| Ordinary income | 7,047 | 25.8% | S100XTCV |
| Pretax income | 10,007 | 36.6% | S100XTCV |
| Income tax | 2,940 | 10.8% | S100XTCV |
| Net income | 7,067 | 25.9% | S100XTCV |
| Net income attributable to owners | 7,004 | 25.6% | S100XTCV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 8 |
| Operating income | 23 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 31.4% → Operating margin 22.8% → Net margin 25.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +25.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.79×
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 | 25,037 | 27,325 | 2,288 | +9.1% |
| Gross profit | 7,189 | 8,571 | 1,382 | +19.2% |
| Operating income | 4,961 | 6,228 | 1,267 | +25.5% |
| Net income attributable to owners | 4,162 | 7,004 | 2,842 | +68.3% |
| Operating cash flow | 6,545 | 4,888 | -1,657 | -25.3% |
| Free cash flow | 4,983 | 2,746 | -2,237 | -44.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 18,575 | 3,169 | 17.1% | 2,722 | 4,073 | 2,793 | S100L0XP |
| FY ending Dec 2020 | 17,116 | 2,846 | 16.6% | 2,133 | 2,918 | 2,111 | S100NQK1 |
| FY ending Dec 2021 | 21,358 | 3,380 | 15.8% | 2,817 | 3,716 | 2,302 | S100QFZN |
| FY ending Dec 2022 | 23,258 | 4,178 | 18.0% | 5,022 | 5,087 | 3,010 | S100T4PN |
| FY ending Dec 2023 | 24,449 | 4,574 | 18.7% | 3,693 | 5,192 | 3,692 | S100VHEL |
| FY ending Dec 2024 | 25,037 | 4,961 | 19.8% | 4,162 | 6,545 | 4,983 | S100XTCV |
| FY ending Dec 2025 | 27,325 | 6,228 | 22.8% | 7,004 | 4,888 | 2,746 | S100XTCV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.8M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 1,396 | 1,311 | 1,504 | 1,456 | 1,377 |
| Average salary (parent company) | ¥4M | ¥4M | ¥3.9M | ¥4M | ¥4.2M |
| Average age (parent company) | 42.9 years | 43.1 years | 41.0 years | 40.9 years | 40.2 years |
| Average tenure (parent company) | 16.0 years | 15.7 years | 13.4 years | 13.7 years | 12.7 years |

Year over year: Employees (consolidated) -5.4% · Revenue (consolidated) +9.1%

## 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 | 4,888 | 17.9% | S100XTCV |
| Capital expenditure | 2,142 | 7.8% | S100XTCV |
| Free cash flow | 2,746 | 10.0% | 算出 |
| Investing cash flow | -4,250 | -15.6% | S100XTCV |
| Financing cash flow | -5,367 | -19.6% | S100XTCV |
| Dividends paid | 2,756 | 10.1% | S100XTCV |
| Share buyback | 2,615 | 9.6% | S100XTCV |
| Change in cash | -4,706 | -17.2% | S100XTCV |
| Cash and equivalents | 20,099 | 73.6% | S100XTCV |

## 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 | 19,330 | 13,655 | 15,737 | 24,806 | 20,099 | S100T4PN, S100VHEL, S100XTCV |
| Total assets | 56,364 | 59,003 | 57,920 | 58,347 | 56,359 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Net assets | 50,869 | 50,869 | 52,631 | 52,247 | 50,037 | S100T4PN, S100VHEL, S100XTCV |
| Share capital | 10,994 | 10,994 | 10,994 | 10,994 | 10,994 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Trade receivables | 3,634 | 4,691 | 4,091 | 3,919 | 3,933 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Inventories | 5,662 | 7,923 | 6,205 | 5,417 | 5,104 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Property, plant and equipment | 10,030 | 10,480 | 10,115 | 10,354 | 10,584 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Intangible assets excluding goodwill | 405 | 205 | 347 | 325 | 297 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Investment securities | 911 | 1,093 | 1,398 | 1,779 | 2,095 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Current assets | 44,820 | 47,032 | 45,926 | 45,772 | 43,276 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Current liabilities | 5,162 | 7,177 | 4,313 | 4,931 | 5,045 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Trade payables | 2,178 | 2,542 | 1,287 | 1,610 | 1,604 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Total liabilities | 5,494 | 8,133 | 5,289 | 6,099 | 6,321 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Non-controlling interests | 2,032 | 2,095 | 2,174 | 2,354 | 2,443 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Equity attributable to owners of parent | 46,397 | 45,280 | 45,993 | 43,842 | 45,470 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Retained earnings | 27,468 | 29,980 | 30,723 | 32,526 | 36,769 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |
| Treasury stock | -5,385 | -9,014 | -9,044 | -12,997 | -15,613 | S100QFZN, S100T4PN, S100VHEL, S100XTCV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XTCV |
| Receivables | 7% | S100XTCV |
| Inventories | 9% | S100XTCV |
| Property, plant and equipment | 19% | S100XTCV |
| Intangibles and goodwill | 0% | S100XTCV |
| Investment securities | 4% | S100XTCV |
| Other assets | 25% | S100XTCV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XTCV |
| Other liabilities | 8% | S100XTCV |
| Equity | 89% | S100XTCV |
| Other liabilities | 0% | S100XTCV |

### 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 | 56,364 | 59,003 | 57,920 | 58,347 | 56,359 |
| Equity | 50,869 | 50,869 | 52,631 | 52,247 | 50,037 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,330 | 13,655 | 15,737 | 24,806 | 20,099 |

## 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) | 38.7% | S100XTCV |
| Fixed assets ÷ total assets | 18.8% | S100XTCV |
| Goodwill ÷ parent equity | — | —, S100XTCV |

### 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) | 35.7% |
| Cash ÷ revenue | 73.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.5% |
| Cash vs. profit gap | -2,116 JPY mn (of net income -30.2%) |
| Shareholder returns / net income | 76.7% |
| Shareholder returns / FCF | 195.6% |
| Shareholder payments — dividends / net income | 39.3% |
| Shareholder payments — dividends / FCF | 100.4% |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 86.9% |

## 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 | 13.2% | 0.38× | 5.0% | 1.21× | 6.1% | S100QFZN |
| 2022 | 21.6% | 0.40× | 8.7% | 1.26× | 11.0% | S100T4PN |
| 2023 | 15.1% | 0.42× | 6.3% | 1.28× | 8.1% | S100VHEL |
| 2024 | 16.6% | 0.43× | 7.2% | 1.29× | 9.3% | S100XTCV |
| 2025 | 25.6% | 0.48× | 12.2% | 1.28× | 15.7% | S100XTCV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 谷口興産㈲ | Major shareholder | 17.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 15.2% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2025-12-31 |
| 日セラ興産㈱ | Major shareholder | 5.3% | 2025-12-31 |
| ㈱山陰合同銀行 （常任代理人㈱日本カストディ銀行） | Major shareholder | 4.9% | 2025-12-31 |
| ＳＧ／ＵＣＩＴＳ Ｖ／ＩＮＶ （常任代理人香港上海銀行東京支店） | Major shareholder | 2.9% | 2025-12-31 |
| 川﨑 晴子 | Major shareholder | 2.3% | 2025-12-31 |
| 谷口 真一 | Major shareholder | 2.1% | 2025-12-31 |
| ㈲山本自動車 | Major shareholder | 1.6% | 2025-12-31 |
| ＰＥＲＳＨＩＮＧ－ＤＩＶ．ＯＦ ＤＬＪ ＳＥＣＳ．ＣＯＲＰ． （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/01/01－2025/12/31) | S100XTCV | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTCV,, |
| 有価証券報告書－第50期(2024/01/01－2024/12/31) | S100VHEL | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHEL,, |
| 有価証券報告書－第49期(2023/01/01－2023/12/31) | S100T4PN | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4PN,, |
| 有価証券報告書－第48期(2022/01/01－2022/12/31) | S100QFZN | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZN,, |
| 有価証券報告書－第47期(令和3年1月1日－令和3年12月31日) | S100NQK1 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQK1,, |
| 有価証券報告書－第46期(令和2年1月1日－令和2年12月31日) | S100L0XP | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0XP,, |

## 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).