# NIPPON CHUZO K. K.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第104期(2025/04/01－2026/03/31) (S100YGG5)
> Page: https://vizora.meequs.com/en/company/nippon-chuzo
> Retrieved: 2026-09-30T21:38:46.474Z

## Company

Nippon Chuzo, founded in 1920, is a company in Steel listed on TSE Standard. It has 285 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CHUZO K. K. |
| Ticker | 5609 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5609.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市川崎区白石町2番1号 |
| Representative (per filing) | 代表取締役社長 佐竹 義宏 |
| Founded | Sep 1920 |
| Share capital | ¥2.63B |
| Employees (consolidated) | 285 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.nipponchuzo.co.jp (https://www.nipponchuzo.co.jp/) |
| Corporate number | 8020001074100 |
| EDINET | E01236 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YGG5, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 47.1 | 35 |
| Cash conversion | 91.9 | 31 |
| Efficiency | 12.9 | 35 |

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 Chuzo brought in ¥12.3B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -8.8% from the prior year, operating profit +26.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12290000000 → ¥154000000
- Net income → operating cash flow: ¥154000000 → ¥2123000000（difference ¥1969000000）
- Main uses of operating cash flow: CapEx ¥577000000 / dividends ¥144000000 / buybacks ¥0
- Change in cash: ¥1145000000
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 | ¥12.3B |  |
| Operating income | ¥416M | Margin 3.4% |
| Net income | ¥154M | Margin 1.3% |
| Free cash flow | ¥1.55B |  |
| Employees (consolidated) | 285 |  |
| EPS | ¥32.02 |  |
| Book value per share | ¥2423.83 |  |
| Equity ratio | 54.2% |  |
| Shares outstanding | 4,825,050 |  |
| Treasury shares | 3,900 |  |
| Shareholders | 3,260 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | -0.1 pp | Steel |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 13.8× net income
- FY2026, employees -2% while operating income rose 26%

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12106000000 | ¥12290000000 | — |
| Operating income | ¥787000000 | ¥416000000 | — |
| Operating margin | 6.5% | 3.4% | -3.1 pp |
| Employees | 272 people | 285 people | — |
| Cash and equivalents | ¥356000000 | ¥1739000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,290 | 100.0% | S100YGG5 |
| Cost of revenue | 10,438 | 84.9% | S100YGG5 |
| Gross profit | 1,852 | 15.1% | S100YGG5 |
| SG&A | 1,436 | 11.7% | S100YGG5 |
| Operating income | 416 | 3.4% | S100YGG5 |
| Ordinary income | 584 | 4.8% | S100YGG5 |
| Pretax income | 140 | 1.1% | S100YGG5 |
| Income tax | -13 | -0.1% | S100YGG5 |
| Net income | 154 | 1.3% | S100YGG5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.1% → Operating margin 3.4% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.8%; Core profit growth: +26.4%
Operating leverage (core profit growth ÷ revenue growth): -3.00×
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 | 13,478 | 12,290 | -1,188 | -8.8% |
| Gross profit | 1,850 | 1,852 | 2 | +0.1% |
| Operating income | 329 | 416 | 87 | +26.4% |
| Operating cash flow | 685 | 2,123 | 1,438 | +209.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,091 | 425 | 3.5% | 331 | 507 | -329 | S100LJ9Q |
| FY ending Mar 2021 | 11,902 | 497 | 4.2% | 435 | 1,538 | 700 | S100OBK8 |
| FY ending Mar 2022 | 12,106 | 787 | 6.5% | 663 | -427 | -1,007 | S100QZQK |
| FY ending Mar 2023 | 14,811 | 707 | 4.8% | 568 | 159 | -557 | S100TN5P |
| FY ending Mar 2024 | 15,992 | 1,287 | 8.0% | 651 | 1,806 | 1,097 | S100W46L |
| FY ending Mar 2025 | 14,311 | 408 | 2.9% | 236 | 685 | -379 | S100W46L |
| FY ending Mar 2025 | 13,478 | 329 | 2.4% | 236 | 685 | — | S100YGG5 |
| FY ending Mar 2026 | 12,290 | 416 | 3.4% | 154 | 2,123 | 1,546 | S100YGG5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.1M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥540.4K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 277 | 293 | 294 | 290 | 285 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥6M | — | ¥5.8M |
| Average age (parent company) | 41.1 years | 41.3 years | 42.1 years | — | 42.7 years |
| Average tenure (parent company) | 14.5 years | 13.6 years | 13.8 years | — | 13.9 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -8.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,123 | 17.3% | S100YGG5 |
| Capital expenditure | 577 | 4.7% | S100YGG5 |
| Free cash flow | 1,546 | 12.6% | 算出 |
| Investing cash flow | -608 | -4.9% | S100YGG5 |
| Financing cash flow | -372 | -3.0% | S100YGG5 |
| Dividends paid | 144 | 1.2% | S100YGG5 |
| Share buyback | 0 | 0.0% | S100YGG5 |
| Change in cash | 1,145 | 9.3% | S100YGG5 |
| Cash and equivalents | 1,739 | 14.1% | S100YGG5 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 560 | 1,121 | 586 | 343 | 1,739 | S100W46L, S100YGG5 |
| Total assets | 22,663 | 23,529 | 22,325 | 22,016 | 21,548 | S100TN5P, S100W46L, S100YGG5 |
| Net assets | 11,367 | 11,881 | 11,885 | 11,650 | 11,685 | S100W46L, S100YGG5 |
| Share capital | 2,627 | 2,627 | 2,627 | 2,627 | 2,627 | S100TN5P, S100W46L, S100YGG5 |
| Property, plant and equipment | 10,886 | 10,812 | 11,127 | 11,126 | 11,314 | S100TN5P, S100W46L, S100YGG5 |
| Intangible assets excluding goodwill | 160 | 221 | 241 | 240 | 231 | S100TN5P, S100W46L, S100YGG5 |
| Investment securities | 103 | 115 | 112 | 70 | 123 | S100TN5P, S100W46L, S100YGG5 |
| Current assets | 10,881 | 11,647 | 10,141 | 9,646 | 9,112 | S100TN5P, S100W46L, S100YGG5 |
| Current liabilities | 6,347 | 6,378 | 5,444 | 5,381 | 4,882 | S100TN5P, S100W46L, S100YGG5 |
| Trade payables | 1,355 | 1,160 | 864 | — | — | S100TN5P, S100W46L |
| Short-term borrowings | 3,035 | 2,450 | 2,710 | 2,200 | 1,900 | S100TN5P, S100W46L, S100YGG5 |
| Long-term borrowings | 1,090 | 1,290 | 1,075 | 1,075 | 1,028 | S100TN5P, S100W46L, S100YGG5 |
| Total liabilities | 11,296 | 11,647 | 10,439 | 10,366 | 9,862 | S100TN5P, S100W46L, S100YGG5 |
| Equity attributable to owners of parent | 6,586 | 7,093 | 7,160 | 6,944 | 6,954 | S100TN5P, S100W46L, S100YGG5 |
| Retained earnings | 3,438 | 3,945 | 4,013 | 3,796 | 3,806 | S100TN5P, S100W46L, S100YGG5 |
| Treasury stock | -5 | -5 | -5 | -5 | -5 | S100TN5P, S100W46L, S100YGG5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YGG5 |
| Property, plant and equipment | 52% | S100YGG5 |
| Intangibles and goodwill | 1% | S100YGG5 |
| Investment securities | 1% | S100YGG5 |
| Other assets | 38% | S100YGG5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YGG5 |
| Equity | 54% | S100YGG5 |
| Other liabilities | 0% | S100YGG5 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,663 | 23,529 | 22,325 | 22,016 | 21,548 |
| Equity | 11,367 | 11,881 | 11,885 | 11,650 | 11,685 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 560 | 1,121 | 586 | 343 | 1,739 |

## 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) | 92.1% | S100YGG5 |
| Fixed assets ÷ total assets | 52.5% | S100YGG5 |
| Goodwill ÷ parent equity | — | —, S100YGG5 |

### 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) | 8.1% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 510.3% |
| Cash vs. profit gap | 1,969 JPY mn (of net income 1278.6%) |
| Shareholder returns / net income | 93.5% |
| Shareholder returns / FCF | 9.3% |
| Shareholder payments — dividends / net income | 93.5% |
| Shareholder payments — dividends / FCF | 9.3% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 28.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.8% | 0.65× | 2.5% | 3.44× | 8.6% | S100TN5P |
| 2024 | 4.1% | 0.69× | 2.8% | 3.38× | 9.5% | S100W46L |
| 2025 | 1.6% | 0.62× | 1.0% | 3.22× | 3.3% | S100W46L |
| 2025 | 1.8% | 0.61× | 1.1% | 3.17× | 3.4% | S100YGG5 |
| 2026 | 1.3% | 0.56× | 0.7% | 3.13× | 2.2% | S100YGG5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| JFEスチール株式会社 | Major shareholder | 36.2% | 2026-03-31 |
| 日立建機株式会社 | Major shareholder | 14.9% | 2026-03-31 |
| 垂 水 邦 明 | Major shareholder | 1.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 小 柳 厚 三 | Major shareholder | 0.9% | 2026-03-31 |
| 高 橋 明 子 | Major shareholder | 0.9% | 2026-03-31 |
| 広 岡 靖 雄 | Major shareholder | 0.8% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2026-03-31 |
| 井 上 豊 彦 | Major shareholder | 0.7% | 2026-03-31 |
| 林 田 香 代 子 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YGG5 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGG5,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W46L | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W46L,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TN5P | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN5P,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100QZQK | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZQK,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OBK8 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBK8,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LJ9Q | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ9Q,, |

## 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).