# NIPPON CHEMI-CON CORPORATION: 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79期(2025/04/01－2026/03/31) (S100YL3Z)
> Page: https://vizora.meequs.com/en/company/nippon-chemi-con
> Retrieved: 2026-09-30T19:50:07.541Z

## Company

Nippon Chemi-Con, founded in 1931, is a company in Electronic Components listed on TSE Prime. It has 5,348 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CHEMI-CON CORPORATION |
| Ticker | 6997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6997.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎五丁目6番4号 |
| Representative (per filing) | 代表取締役社長 今野健一 |
| Founded | Aug 1931 |
| Share capital | ¥5.45B |
| Employees (consolidated) | 5,348 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.chemi-con.co.jp (https://www.chemi-con.co.jp/) |
| Corporate number | 7010701015586 |
| EDINET | E01926 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YL3Z, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.9 | 53 |
| Profitability | 22.3 | 56 |
| Cash conversion | 82.3 | 48 |
| Efficiency | 61.6 | 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)

- About 96% of Nippon Chemi-Con's sales come from CONDENSER, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit -9.9%.

## Company structure

- Segment revenue mix: CONDENSER 96.3%、Other 3.7%
- Revenue → net income: ¥136821000000 → ¥2432000000
- Net income → operating cash flow: ¥2432000000 → ¥7622000000（difference ¥5190000000）
- Main uses of operating cash flow: CapEx ¥5042000000 / dividends ¥550000000 / buybacks ¥2000000
- Change in cash: ¥-2578000000
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 | ¥136.8B |  |
| Operating income | ¥3.37B | Margin 2.5% |
| Net income | ¥2.37B | Margin 1.7% |
| Free cash flow | ¥2.58B |  |
| Largest business | CONDENSER | of segment revenue 96.3% |
| Employees (consolidated) | 5,348 |  |
| EPS | ¥25.72 |  |
| Diluted EPS | ¥16.8 |  |
| Book value per share | ¥438.61 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 24,698,450 |  |
| Treasury shares | 41,900 |  |
| Shareholders | 10,924 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 12.8% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | -3.4 pp | Electronic Components |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110788000000 | ¥136821000000 | +23.5% |
| Operating income | ¥2971000000 | ¥3369000000 | +13.4% |
| Operating margin | 2.7% | 2.5% | -0.2 pp |
| Employees | 6,228 people | 5,348 people | -14.1% |
| Cash and equivalents | ¥23720000000 | ¥21286000000 | -10.3% |

### 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 |
| --- | ---: |
| コンデンサ → コンデンサ | 95.8% |
| その他 → その他 | 3.7% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → コンデンサ | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 136,821 | 100.0% | S100YL3Z |
| Cost of revenue | 112,376 | 82.1% | S100YL3Z |
| Gross profit | 24,444 | 17.9% | S100YL3Z |
| SG&A | 21,074 | 15.4% | S100YL3Z |
| Operating income | 3,369 | 2.5% | S100YL3Z |
| Ordinary income | 2,094 | 1.5% | S100YL3Z |
| Pretax income | 3,524 | 2.6% | S100YL3Z |
| Income tax | 1,092 | 0.8% | S100YL3Z |
| Net income | 2,432 | 1.8% | S100YL3Z |
| Net income attributable to owners | 2,367 | 1.7% | S100YL3Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.9% → Operating margin 2.5% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +11.5%; Core profit growth: -9.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.86×
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 | 122,684 | 136,821 | 14,137 | +11.5% |
| Gross profit | 23,729 | 24,444 | 715 | +3.0% |
| Operating income | 3,740 | 3,369 | -371 | -9.9% |
| Net income attributable to owners | 37 | 2,367 | 2,330 | +6297.3% |
| Operating cash flow | -493 | 7,622 | 8,115 | — |
| Free cash flow | -10,190 | 2,580 | 12,770 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 114,599 | -2,891 | -2.5% | -5,926 | 3,925 | -1,729 | S100LTMF |
| FY ending Mar 2021 | 110,788 | 2,971 | 2.7% | 2,038 | 2,067 | -1,451 | S100OK25 |
| FY ending Mar 2022 | 140,316 | 8,798 | 6.3% | -12,124 | 5,105 | -294 | S100R88X |
| FY ending Mar 2023 | 161,881 | 12,939 | 8.0% | 2,273 | -4,862 | -11,690 | S100TV2A |
| FY ending Mar 2024 | 150,740 | 9,422 | 6.3% | -21,291 | -12,959 | -22,423 | S100W7IF |
| FY ending Mar 2025 | 122,684 | 3,740 | 3.0% | 37 | -493 | -10,190 | S100YL3Z |
| FY ending Mar 2026 | 136,821 | 3,369 | 2.5% | 2,367 | 7,622 | 2,580 | S100YL3Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.6M |
| Operating income per employee (consolidated) | ¥630K |
| Net income per employee (consolidated) | ¥442.6K |

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) | 6,197 | 6,045 | 5,796 | 5,551 | 5,348 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6.4M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 40.4 years | 40.3 years | 40.4 years | 41.1 years | 41.2 years |
| Average tenure (parent company) | 17.0 years | 16.4 years | 16.5 years | 17.3 years | 17.4 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CONDENSER | 131,823 | 96.3% | 3,225 | 2.4% |
| Other | 4,998 | 3.7% | 144 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CONDENSER | 96.3% | 95.7% | -0.6 | 2.4% |
| Other | 3.7% | 4.3% | 0.6 | 2.9% |

Segment → industry: CONDENSER → Electronic Components

## 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 | 7,622 | 5.6% | S100YL3Z |
| Capital expenditure | 5,042 | 3.7% | S100YL3Z |
| Free cash flow | 2,580 | 1.9% | 算出 |
| Investing cash flow | -5,288 | -3.9% | S100YL3Z |
| Financing cash flow | -6,232 | -4.6% | S100YL3Z |
| Dividends paid | 550 | 0.4% | S100YL3Z |
| Share buyback | 2 | 0.0% | S100YL3Z |
| Change in cash | -2,578 | -1.9% | S100YL3Z |
| Cash and equivalents | 21,286 | 15.6% | S100YL3Z |

## 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 | 24,754 | 26,135 | 45,295 | 23,864 | 21,286 | S100TV2A, S100W7IF, S100YL3Z |
| Total assets | 156,140 | 162,741 | 172,921 | 162,702 | 165,985 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Net assets | 44,715 | 50,678 | 53,610 | 56,667 | 63,135 | S100TV2A, S100W7IF, S100YL3Z |
| Share capital | 24,310 | 24,310 | 5,452 | 5,452 | 5,452 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Trade receivables | 31,100 | 32,555 | 25,853 | 23,716 | — | S100R88X, S100TV2A, S100W7IF |
| Property, plant and equipment | 39,081 | 41,880 | 47,784 | 48,330 | 47,548 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Intangible assets excluding goodwill | 1,809 | 2,146 | 2,339 | 2,308 | 2,568 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Investment securities | 16,301 | 18,318 | 14,649 | 15,007 | 15,629 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Current assets | 96,434 | 97,758 | 104,815 | 86,620 | 87,573 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Current liabilities | 69,223 | 59,181 | 75,017 | 60,631 | 58,456 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Trade payables | 9,495 | 9,850 | 7,143 | 7,335 | 8,741 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Short-term borrowings | 19,901 | 23,698 | 46,560 | 36,736 | 34,640 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Long-term borrowings | 34,339 | 42,022 | 38,904 | 38,100 | 35,871 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Total liabilities | 111,424 | 112,062 | 119,310 | 106,034 | 102,850 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Non-controlling interests | 297 | 421 | 513 | 548 | 656 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Equity attributable to owners of parent | 37,741 | 40,012 | 35,320 | 35,153 | 36,954 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Retained earnings | -7,684 | -5,411 | -26,702 | -26,681 | -24,327 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |
| Treasury stock | -108 | -110 | -917 | -961 | -963 | S100R88X, S100TV2A, S100W7IF, S100YL3Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YL3Z |
| Property, plant and equipment | 29% | S100YL3Z |
| Intangibles and goodwill | 1% | S100YL3Z |
| Investment securities | 9% | S100YL3Z |
| Other assets | 48% | S100YL3Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YL3Z |
| Other liabilities | 57% | S100YL3Z |
| Equity | 38% | S100YL3Z |

### 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 | 156,140 | 162,741 | 172,921 | 162,702 | 165,985 |
| Equity | 44,715 | 50,678 | 53,610 | 56,667 | 63,135 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,754 | 26,135 | 45,295 | 23,864 | 21,286 |

## 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) | 34.8% | S100YL3Z |
| Fixed assets ÷ total assets | 28.6% | S100YL3Z |
| Goodwill ÷ parent equity | — | —, S100YL3Z |

### 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) | 12.8% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 226.2% |
| Cash vs. profit gap | 5,255 JPY mn (of net income 222.0%) |
| Shareholder returns / net income | 23.3% |
| Shareholder returns / FCF | 21.4% |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | 21.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 69.4% |

## 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 | — | —× | -7.8% | —× | — | S100R88X |
| 2023 | 1.4% | 1.02× | 1.4% | 4.10× | 5.8% | S100TV2A |
| 2024 | — | —× | -12.7% | —× | — | S100W7IF |
| 2025 | 0.0% | 0.73× | 0.0% | 4.76× | 0.1% | S100YL3Z |
| 2026 | 1.7% | 0.83× | 1.4% | 4.56× | 6.6% | S100YL3Z |

## 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 | 12.6% | 2026-03-31 |
| ジャパン・インダストリアル・ソリューションズ第参号投資事業有限責任組合 | Major shareholder | 7.2% | 2026-03-31 |
| KOREA SECURITIES DEPOSITORY－SAMSUNG （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 6.7% | 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 | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 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 | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信 託銀行株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| セントラル短資株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社トップパーツ | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YL3Z | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL3Z,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W7IF | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7IF,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TV2A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV2A,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R88X | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R88X,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OK25 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK25,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LTMF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTMF,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | 日本ケミコンの電解コンデンサを加賀マイクロソリューションが仕入れ | S100YNQJ |

## 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).