# NIPPON CONCRETE INDUSTRIES 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95期(2025/04/01－2026/03/31) (S100YI1J)
> Page: https://vizora.meequs.com/en/company/nippon-concrete-industries
> Retrieved: 2026-09-30T21:49:07.076Z

## Company

Nippon Concrete Industries, founded in 2008, is a company in Electric Power & Gas listed on TSE Prime. It has 1,351 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CONCRETE INDUSTRIES CO., LTD. |
| Ticker | 5269 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5269.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦4丁目6番14号 NC芝浦ビル |
| Representative (per filing) | 代表取締役社長 椙田宜彦 |
| Founded | Aug 2008 |
| Share capital | ¥5.11B |
| Employees (consolidated) | 1,351 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.ncic.co.jp (https://www.ncic.co.jp/) |
| Corporate number | 8010401022551 |
| EDINET | E01142 |
| Industries (Vizora) | Electric Power & Gas, Cement & Concrete, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YI1J, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.6 | 16 |
| Profitability | 3.1 | 16 |
| Cash conversion | 90.6 | 16 |
| Efficiency | 9.4 | 16 |
| Financial strength | 83.3 | 3 |

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 55% of Nippon Concrete Industries's sales come from Concrete secondary product, with Foundation and Lease and solar light business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.5% from the prior year, operating profit -67.4%.

## Company structure

- Segment revenue mix: Concrete secondary product 54.7%、Foundation 44.7%、Lease and solar light business 0.6%
- Revenue → net income: ¥49233255000 → ¥824701000
- Net income → operating cash flow: ¥824701000 → ¥2685594000（difference ¥1860893000）
- Main uses of operating cash flow: CapEx ¥2753150000 / dividends ¥573912000 / buybacks ¥27000
- Change in cash: ¥-134487000
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 | ¥49.2B |  |
| Operating income | ¥322.8M | Margin 0.7% |
| Net income | ¥684M | Margin 1.4% |
| Free cash flow | -¥67.6M |  |
| Largest business | Concrete secondary product | of segment revenue 54.7% |
| Employees (consolidated) | 1,351 |  |
| EPS | ¥-5.55 |  |
| Book value per share | ¥535.07 |  |
| Equity ratio | 52.1% |  |
| Shares outstanding | 57,777,000 |  |
| Treasury shares | 3,434,100 |  |
| Shareholders | 12,742 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 7.9% | Net cash -¥3.17B · Cash ÷ revenue 14.0% |
| Vs. industry median margin | -7.5 pp | Cement & Concrete |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.9× net income
- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, segment profit share differs by 38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48877051000 | ¥49233255000 | +0.7% |
| Operating income | ¥2746389000 | ¥322763000 | -88.2% |
| Operating margin | 5.6% | 0.7% | -5 pp |
| Employees | 1,227 people | 1,351 people | +10.1% |
| Cash and equivalents | ¥8804311000 | ¥6899181000 | -21.6% |

### 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 |
| --- | ---: |
| 基礎事業 → 基礎事業 | 44.7% |
| 基礎事業 → 事業再編・廃止 | 5.0% |
| コンクリート二次製品事業 → コンクリート二次製品事業 | 49.6% |
| 不動産・太陽光発電事業 → 不動産・太陽光発電事業 | 0.6% |
| 新設・再編 → コンクリート二次製品事業 | 5.0% |
| 新設・再編 → 不動産・太陽光発電事業 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Concrete secondary product | 5 years | +2.1% | ¥26906478000 | 8.3% | 2 |
| Foundation | 5 years | -2.0% | ¥22013287000 | -0.9% | 2 |
| Lease and solar light business | 5 years | +0.7% | ¥313489000 | 59.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,233 | 100.0% | S100YI1J |
| Cost of revenue | 41,074 | 83.4% | S100YI1J |
| Gross profit | 8,159 | 16.6% | S100YI1J |
| SG&A | 7,837 | 15.9% | S100YI1J |
| Operating income | 323 | 0.7% | S100YI1J |
| Ordinary income | 1,284 | 2.6% | S100YI1J |
| Pretax income | 1,811 | 3.7% | S100YI1J |
| Income tax | 986 | 2.0% | S100YI1J |
| Net income | 825 | 1.7% | S100YI1J |
| Net income attributable to owners | 684 | 1.4% | S100YI1J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.6% → Operating margin 0.7% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.5%; Core profit growth: -67.4%
Operating leverage (core profit growth ÷ revenue growth): 10.38×
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 | 52,653 | 49,233 | -3,420 | -6.5% |
| Gross profit | 8,659 | 8,159 | -500 | -5.8% |
| Operating income | 990 | 323 | -667 | -67.4% |
| Net income attributable to owners | -210 | 684 | 894 | — |
| Operating cash flow | -297 | 2,686 | 2,983 | — |
| Free cash flow | -2,667 | -68 | 2,599 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,824 | -86 | -0.2% | -35 | -500 | -2,162 | S100LUIB |
| FY ending Mar 2021 | 48,877 | 2,746 | 5.6% | 1,871 | 4,243 | 2,915 | S100OMES |
| FY ending Mar 2022 | 47,377 | 1,228 | 2.6% | 876 | 2,879 | 1,094 | S100RHGA |
| FY ending Mar 2023 | 52,986 | -229 | -0.4% | -439 | 432 | -1,118 | S100TW90 |
| FY ending Mar 2024 | 53,651 | 1,808 | 3.4% | 614 | 5,835 | 4,219 | S100W8RC |
| FY ending Mar 2025 | 52,653 | 990 | 1.9% | -210 | -297 | -2,667 | S100YI1J |
| FY ending Mar 2026 | 49,233 | 323 | 0.7% | 684 | 2,686 | -68 | S100YI1J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.4M |
| Operating income per employee (consolidated) | ¥238.9K |
| Net income per employee (consolidated) | ¥506.3K |

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) | 1,428 | 1,351 | 1,346 | 1,353 | 1,351 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥5.9M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 42.7 years | 43.3 years | 43.4 years | 43.7 years | 43.6 years |
| Average tenure (parent company) | 11.7 years | 11.8 years | 12.0 years | 12.0 years | 11.8 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) -6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Foundation | 22,013 | 44.7% | -190 | -0.9% |
| Concrete secondary product | 26,906 | 54.7% | 2,220 | 8.3% |
| Lease and solar light business | 313 | 0.6% | 186 | 59.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Foundation | 44.7% | — | — | -0.9% |
| Concrete secondary product | 54.7% | 92.3% | 37.6 | 8.3% |
| Lease and solar light business | 0.6% | 7.7% | 7.1 | 59.2% |

Loss-making segment (excluded from profit shares): Foundation -190 JPY mn

Segment → industry: Lease and solar light business → Electric Power & Gas / Concrete secondary product → Cement & Concrete / Foundation → Cement & Concrete / Lease and solar light business → Real Estate Development & Leasing

## 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 | 2,686 | 5.5% | S100YI1J |
| Capital expenditure | 2,753 | 5.6% | S100YI1J |
| Free cash flow | -68 | -0.1% | 算出 |
| Investing cash flow | -1,716 | -3.5% | S100YI1J |
| Financing cash flow | -1,124 | -2.3% | S100YI1J |
| Dividends paid | 574 | 1.2% | S100YI1J |
| Share buyback | 0 | 0.0% | S100YI1J |
| Change in cash | -134 | -0.3% | S100YI1J |
| Cash and equivalents | 6,899 | 14.0% | S100YI1J |

## 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 | 8,600 | 7,136 | 11,121 | 7,034 | 6,899 | S100TW90, S100W8RC, S100YI1J |
| Total assets | 75,003 | 77,063 | 81,996 | 77,283 | 87,692 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Net assets | 38,673 | 37,659 | 40,396 | 39,986 | 48,447 | S100TW90, S100W8RC, S100YI1J |
| Share capital | 5,112 | 5,112 | 5,112 | 5,112 | 5,112 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Property, plant and equipment | 26,875 | 26,452 | 26,288 | 26,384 | 27,371 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Intangible assets excluding goodwill | 444 | 597 | 881 | 887 | 793 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Goodwill | 57 | — | — | — | — | S100RHGA |
| Investment securities | 12,242 | 12,236 | 14,548 | 15,249 | 24,031 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Current assets | 31,970 | 34,559 | 36,417 | 30,471 | 27,961 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Current liabilities | 22,889 | 25,466 | 26,888 | 22,395 | 21,522 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Trade payables | 4,984 | 5,345 | 5,285 | 3,956 | 3,782 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Short-term borrowings | 4,000 | 4,050 | 4,085 | 4,104 | 4,174 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Long-term borrowings | 6,378 | 6,698 | 6,533 | 6,441 | 5,875 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Bonds | 80 | 140 | 100 | 60 | 20 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Interest-bearing debt | 10,458 | 10,887 | 10,718 | 10,605 | 10,069 | 算出 |
| Total liabilities | 36,331 | 39,404 | 41,600 | 37,297 | 39,245 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Non-controlling interests | 2,619 | 2,710 | 2,890 | 3,003 | 2,762 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Equity attributable to owners of parent | 27,369 | 26,451 | 26,714 | 25,879 | 26,876 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Retained earnings | 19,181 | 18,493 | 18,753 | 17,834 | 18,457 | S100RHGA, S100TW90, S100W8RC, S100YI1J |
| Treasury stock | -819 | -1,011 | -1,010 | -1,009 | -1,019 | S100RHGA, S100TW90, S100W8RC, S100YI1J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YI1J |
| Property, plant and equipment | 31% | S100YI1J |
| Intangibles and goodwill | 1% | S100YI1J |
| Investment securities | 27% | S100YI1J |
| Other assets | 33% | S100YI1J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YI1J |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 29% | S100YI1J |
| Equity | 55% | S100YI1J |

### 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 | 75,003 | 77,063 | 81,996 | 77,283 | 87,692 |
| Equity | 38,673 | 37,659 | 40,396 | 39,986 | 48,447 |
| Interest-bearing debt | 10,458 | 10,887 | 10,718 | 10,605 | 10,069 |
| Cash | 8,600 | 7,136 | 11,121 | 7,034 | 6,899 |

## 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) | 55.6% | S100YI1J |
| Fixed assets ÷ total assets | 31.2% | S100YI1J |
| Goodwill ÷ parent equity | — | —, S100YI1J |

### 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) | 7.9% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | -¥3.17B |
| Net debt ÷ operating cash flow | 1.18× |
| Cash conversion (operating CF ÷ operating income) | 832.1% |
| Cash vs. profit gap | 2,002 JPY mn (of net income 292.6%) |
| Shareholder returns / net income | 83.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 83.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 63.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.8% | 0.63× | 1.2% | 2.74× | 3.2% | S100RHGA |
| 2023 | — | —× | -0.6% | —× | — | S100TW90 |
| 2024 | 1.1% | 0.67× | 0.8% | 2.99× | 2.3% | S100W8RC |
| 2025 | — | —× | -0.3% | —× | — | S100YI1J |
| 2026 | 1.4% | 0.60× | 0.8% | 3.13× | 2.6% | S100YI1J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 12.7% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 太平洋セメント口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 6.6% | 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 | 6.6% | 2026-03-31 |
| 日コン取引先持株会 | Major shareholder | 5.7% | 2026-03-31 |
| 日本電設工業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 太平洋セメント株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 東都興業株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社和田商店 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YI1J | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI1J,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W8RC | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8RC,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TW90 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW90,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100RHGA | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHGA,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OMES | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMES,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LUIB | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIB,, |

## 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).