# NIPPON COKE & ENGINEERING CO., LTD.: 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23期(2025/04/01－2026/03/31) (S100YK1Z)
> Page: https://vizora.meequs.com/en/company/nippon-coke-and-engineering
> Retrieved: 2026-09-30T20:28:01.532Z

## Company

Nippon Coke & Engineering, founded in 1892, is a company in Oil, Gas & Mining listed on TSE Prime. It has 983 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON COKE & ENGINEERING COMPANY,LIMITED |
| Ticker | 3315 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3315.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲三丁目3番3号 |
| Representative (per filing) | 代表取締役社長 松岡 弘明 |
| Founded | Jun 1892 |
| Share capital | ¥7B |
| Employees (consolidated) | 983 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.n-coke.com (https://www.n-coke.com/) |
| Corporate number | 5010601029770 |
| EDINET | E00030 |
| Industries (Vizora) | Oil, Gas & Mining, Specialty Trading & Wholesale, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YK1Z, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 6.3 | 8 |
| Cash conversion | 93.8 | 8 |
| Efficiency | 56.3 | 8 |

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 61% of Nippon Coke & Engineering's sales come from Coke Business, with Fuel Resource recycling Business and Comprehensive Engineering Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -7.7% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥91.4B |  |
| Operating income | ¥607M | Margin 0.7% |
| Net income | -¥7.68B | Margin -8.4% |
| Free cash flow | ¥546M |  |
| Largest business | Coke Business | of segment revenue 61.4% |
| Employees (consolidated) | 983 |  |
| EPS | ¥-22.26 |  |
| Book value per share | ¥104.86 |  |
| Equity ratio | 27.5% |  |
| Shares outstanding | 302,349,000 |  |
| Treasury shares | 11,326,600 |  |
| Shareholders | 32,227 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 5.0% | Cash ÷ revenue 7.0% |
| Vs. industry median margin | -10.9 pp | Oil, Gas & Mining |
| ROA | -6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87883000000 | ¥91386000000 | +4.0% |
| Operating income | ¥6999000000 | ¥607000000 | -91.3% |
| Operating margin | 8.0% | 0.7% | -7.3 pp |
| Employees | 1,041 people | 983 people | -5.6% |
| Cash and equivalents | ¥5645000000 | ¥6388000000 | +13.2% |

### 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 |
| --- | ---: |
| コークス事業 → コークス事業 | 53.1% |
| 燃料・資源リサイクル事業 → 燃料・資源リサイクル事業 | 18.9% |
| 燃料販売事業 → 事業再編・廃止 | 16.6% |
| 総合エンジニアリング事業 → 総合エンジニアリング事業 | 7.4% |
| その他 → その他 | 4.0% |
| 新設・再編 → コークス事業 | 8.3% |
| 新設・再編 → 燃料・資源リサイクル事業 | 6.6% |
| 新設・再編 → 総合エンジニアリング事業 | 1.3% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Coke Business | 5 years | +0.1% | ¥56134000000 | -4.1% | 2 |
| Fuel Resource recycling Business | 5 years | +3.2% | ¥23343000000 | 11.3% | 2 |
| Comprehensive Engineering Business | 5 years | +0.3% | ¥7917000000 | 18.7% | 2 |
| Other | 5 years | -1.1% | ¥3991000000 | 14.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 91,386 | 100.0% | S100YK1Z |
| Cost of revenue | 84,169 | 92.1% | S100YK1Z |
| Gross profit | 7,216 | 7.9% | S100YK1Z |
| SG&A | 6,608 | 7.2% | S100YK1Z |
| Operating income | 607 | 0.7% | S100YK1Z |
| Ordinary income | -276 | -0.3% | S100YK1Z |
| Pretax income | -7,122 | -7.8% | S100YK1Z |
| Income tax | 556 | 0.6% | S100YK1Z |
| Net income | -7,678 | -8.4% | S100YK1Z |
| Net income attributable to owners | -7,678 | -8.4% | S100YK1Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 7 |
| Operating income | 1 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 7.9% → Operating margin 0.7% → Net margin -8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 99,045 | 91,386 | -7,659 | -7.7% |
| Gross profit | -2,115 | 7,216 | 9,331 | — |
| Operating income | -8,562 | 607 | 9,169 | — |
| Net income attributable to owners | -13,908 | -7,678 | 6,230 | — |
| Operating cash flow | -3,178 | 8,511 | 11,689 | — |
| Free cash flow | -19,204 | 546 | 19,750 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 107,408 | 1,607 | 1.5% | 28 | 6,460 | -47 | S100LRJF |
| FY ending Mar 2021 | 87,883 | 6,999 | 8.0% | 3,968 | 15,503 | 9,894 | S100OJC4 |
| FY ending Mar 2022 | 124,711 | 12,253 | 9.8% | 7,380 | 4,608 | 793 | S100R6VF |
| FY ending Mar 2023 | 174,062 | -397 | -0.2% | -1,075 | -12,402 | -20,035 | S100TU8C |
| FY ending Mar 2024 | 135,152 | 4,390 | 3.2% | 1,898 | 10,827 | 1,196 | S100W7T0 |
| FY ending Mar 2025 | 99,045 | -8,562 | -8.6% | -13,908 | -3,178 | -19,204 | S100YK1Z |
| FY ending Mar 2026 | 91,386 | 607 | 0.7% | -7,678 | 8,511 | 546 | S100YK1Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93M |
| Operating income per employee (consolidated) | ¥617.5K |
| Net income per employee (consolidated) | -¥7.8M |

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) | 1,034 | 1,046 | 1,022 | 993 | 983 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥5.6M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 40.5 years | 40.4 years | 40.4 years | 40.8 years | 40.4 years |
| Average tenure (parent company) | 17.0 years | 16.8 years | 16.7 years | 15.7 years | 18.2 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Coke Business | 56,134 | 61.4% | -2,328 | -4.1% |
| Fuel Resource recycling Business | 23,343 | 25.5% | 2,630 | 11.3% |
| Comprehensive Engineering Business | 7,917 | 8.7% | 1,477 | 18.7% |
| Other | 3,991 | 4.4% | 579 | 14.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Coke Business | 61.4% | — | — | -4.1% |
| Fuel Resource recycling Business | 25.5% | 56.1% | 30.6 | 11.3% |
| Comprehensive Engineering Business | 8.7% | 31.5% | 22.9 | 18.7% |
| Other | 4.4% | 12.4% | 8.0 | 14.5% |

Loss-making segment (excluded from profit shares): Coke Business -2,328 JPY mn

Segment → industry: Coke Business → Oil, Gas & Mining / Fuel Resource recycling Business → Specialty Trading & Wholesale / Fuel Resource recycling Business → Waste Management & Recycling / Comprehensive Engineering Business → Industrial Machinery

## 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 | 8,511 | 9.3% | S100YK1Z |
| Capital expenditure | 7,965 | 8.7% | S100YK1Z |
| Free cash flow | 546 | 0.6% | 算出 |
| Investing cash flow | -8,684 | -9.5% | S100YK1Z |
| Financing cash flow | 1,450 | 1.6% | S100YK1Z |
| Share buyback | 0 | 0.0% | S100YK1Z |
| Change in cash | 1,282 | 1.4% | S100YK1Z |
| Cash and equivalents | 6,388 | 7.0% | S100YK1Z |

## 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 | 5,019 | 5,616 | 6,160 | 5,105 | 6,388 | S100TU8C, S100W7T0, S100YK1Z |
| Total assets | 128,767 | 140,202 | 140,713 | 130,630 | 126,544 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Net assets | 57,343 | 54,277 | 56,355 | 41,600 | 34,797 | S100TU8C, S100W7T0, S100YK1Z |
| Share capital | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Property, plant and equipment | 61,507 | 63,967 | 70,352 | 80,270 | 76,640 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Intangible assets excluding goodwill | 439 | 428 | 424 | 707 | 681 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Investment securities | 870 | 938 | 1,194 | 1,292 | 1,757 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Current assets | 61,900 | 70,203 | 64,404 | 45,955 | 45,395 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Current liabilities | 55,028 | 69,530 | 68,198 | 48,173 | 54,549 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Trade payables | 29,878 | 24,215 | 20,704 | 7,564 | 9,604 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Short-term borrowings | 14,094 | 37,591 | 37,437 | 32,929 | 37,886 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Long-term borrowings | 9,099 | 8,742 | 8,495 | 32,887 | 29,391 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Total liabilities | 71,423 | 85,925 | 84,358 | 89,030 | 91,746 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Equity attributable to owners of parent | 57,306 | 54,193 | 56,091 | 41,309 | 33,630 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Retained earnings | 49,765 | 46,652 | 48,551 | 33,769 | 26,090 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |
| Treasury stock | -1,209 | -1,209 | -1,209 | -1,209 | -1,209 | S100R6VF, S100TU8C, S100W7T0, S100YK1Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YK1Z |
| Property, plant and equipment | 61% | S100YK1Z |
| Intangibles and goodwill | 1% | S100YK1Z |
| Investment securities | 1% | S100YK1Z |
| Other assets | 32% | S100YK1Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YK1Z |
| Other liabilities | 65% | S100YK1Z |
| Equity | 27% | S100YK1Z |
| Other liabilities | 0% | S100YK1Z |

### 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 | 128,767 | 140,202 | 140,713 | 130,630 | 126,544 |
| Equity | 57,343 | 54,277 | 56,355 | 41,600 | 34,797 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,019 | 5,616 | 6,160 | 5,105 | 6,388 |

## 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) | 83.9% | S100YK1Z |
| Fixed assets ÷ total assets | 60.6% | S100YK1Z |
| Goodwill ÷ parent equity | — | —, S100YK1Z |

### 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) | 5.0% |
| Cash ÷ revenue | 7.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1402.1% |
| Cash vs. profit gap | 16,189 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 102.0% |

## 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 | 5.9% | 0.97× | 5.7% | 2.25× | 12.9% | S100R6VF |
| 2023 | — | —× | -0.8% | —× | — | S100TU8C |
| 2024 | 1.4% | 0.96× | 1.4% | 2.55× | 3.4% | S100W7T0 |
| 2025 | — | —× | -10.3% | —× | — | S100YK1Z |
| 2026 | — | —× | -6.0% | —× | — | S100YK1Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 22.6% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 19.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 日鉄鉱業株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社商船三井 | Major shareholder | 0.9% | 2026-03-31 |
| 三井金属株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 住友金属鉱山株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YK1Z | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK1Z,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W7T0 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7T0,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TU8C | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU8C,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R6VF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6VF,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OJC4 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJC4,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LRJF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRJF,, |

## 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).